Building a Millionaire Retirement: 5 Surefire Tips Everyone Should Follow
Most of us would love to retire as millionaires -- and frankly, many of us need to retire as millionaires if we want to continue our current standard of living. After all, the average monthly Social Security retirement benefit was only $1,836 (about $22,000 per year) as of May 2023. So if you retire with, say, $500,000 and withdraw 4% in your first year of retirement, as the "4% rule" suggests, that will only deliver $20,000.
A nest egg of $1 million will give you a 4% withdrawal rate of $40,000. This may or may not be sufficient for you, depending on the size of your Social Security benefit and any other income streams, such as pensions, that you expect to have.
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Source Fool.com
