I'm 65 and about to retire with $1.8M in savings and Social Security benefits - how do I maximize my monthly income?
Briefly

from 24/7 Wall St.6 months ago
Maximizing your monthly income in retirement requires strategic withdrawal from savings and careful integration of Social Security benefits to ensure financial security.
24/7 Wall St.https://247wallst.com/personal-finance/2024/08/28/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
Adopting the '4% rule' and withdrawing 4% of savings annually allows for significant monthly income, while considering personal risk tolerance and longevity.
24/7 Wall St.https://247wallst.com/personal-finance/2024/08/28/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
Delaying Social Security benefits until age 70 can increase monthly payments by up to 32%, providing a larger income stream and less reliance on savings.
24/7 Wall St.https://247wallst.com/personal-finance/2024/08/28/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
Utilizing tax-advantaged accounts like Roth IRAs for withdrawals aids in minimizing tax burdens, contributing to a better financial strategy in retirement.
24/7 Wall St.https://247wallst.com/personal-finance/2024/08/28/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
Read at 24/7 Wall St.
#retirement-planning #social-security #investment-strategy #financial-security #tax-optimization
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