How long will my money last?
Example age 60 shows 24 year BUT, I suggest 100 minus your age or...40 years! This depends on our life expectancy, do we really want to wrong? Click link from Social Security.
How much might I draw annually from my savings when retired?
The percentage drawn also depends on life expectancy of course. The earlier you retire closer to age 55 the less you can draw. Rule of thumb 3-5% PER YEAR! Click link from FORBES
(Family net worth)? Click link from Forbes
What type of income do retired's age 65+ have?
Click link from Motley.com
Click link from TIME
Rule of thumb says draw 4% = per $10,000 year / $400 = $10,000 per $250,000
Possible rate of return AVERAGE 7% = per $10,000 year / $700 = $17,500 per $250,000
Typical spending needs in retirement? Click link from Fidelity
Spending versus income needs in retirement, example.
63 year old with $500,000 investments and spends $50,000 year. 5% draw = $25,000 from retirement plans/investments
Social Security = $27,000 if fully funded
-> However: health costs are increasing faster than increases in Medicare and Social Security. Many procedures either are not covered or less covered than before. Social Security has not been keeping up with inflation. Many are finding they need budget cuts within 5-7 years after retiring.
Assumptions: age you retire, health, average yield you have made on your money the past 15 years, your pot of money you have, and to have an exact handle on your spending NEEDS and not WANTS ... and plan on living to 100 and living well!