While having a nest egg of $2 million puts you in a favorable position compared to the average 50-year-old, it doesn't guarantee retirement at 50. Before quitting your job, evaluate your spending needs and implement a safe withdrawal strategy, with experts recommending a 3.7% rate, which equates to approximately $74,000 annually. Additionally, consider healthcare costs and lifestyle expenses, ensuring you can comfortably live on the income your investments generate without prematurely depleting your savings.
When considering retirement at 50 with a $2 million nest egg, you need to ensure it will cover your expenses without depleting your funds too quickly.
To safely retire at 50, the recommended withdrawal rate is 3.7%, translating to about $74,000 annually from a $2 million investment.
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