"A $3 million retirement nest egg buys you a lot of options, especially when coupled with other income streams. But it's still important to manage your money wisely."
"Assuming a fairly even mix of stocks and bonds and a retirement date in your 60s, you may be safe using the popular 4% rule."
"If you earned a typical wage, you may be eligible for about another $25,000 a year in Social Security based on the average retirement benefit today."
"If you have a paid-off home and live in an area that's not super expensive, an annual income of about $156,000 is more than comfortable."
In 2022, the average American aged 65 to 74 had about $609,000 in retirement savings. A $3 million portfolio can generate approximately $120,000 annually using the 4% rule, plus Social Security benefits. Assuming a single retiree, total income could reach around $156,000 per year. This amount may support a comfortable lifestyle, but individual circumstances, such as previous earnings and living expenses, will influence financial comfort in retirement.
Read at 24/7 Wall St.
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