Summerlin Benefits Consulting Q&AAnswer
Oct 24, 2024 - 04:06 PM
How long $500,000 will last in retirement depends on your spending habits, investment returns, and additional income sources like Social Security. For example, if you withdraw about $20,000 annually, $500,000 could last over 30 years, assuming a 6% annual return on investments before taxes, based on the US economy in 2024. However, if you plan to withdraw more, say $40,000 annually, it might last closer to 18 years. Factors like your retirement age, living expenses, healthcare costs, and where you live also play significant roles in determining how long your savings will sustain you. Careful planning and budgeting are essential to make your savings last throughout retirement.
