I'm 62 With $800,000 and $2,600 Monthly Social Security Income. What Can I Spend

Planning for retirement can be both exciting and challenging. Figuring out how much you can realistically spend each year is a key piece of that puzzle. For example, a 62-year-old with $800,000 in savings and a monthly Social Security benefit of $2,600 can reasonably expect an annual income of $63,200 in retirement.

However, this figure can vary greatly depending on your individual circumstances. A key variable is whether your $800,000 is held in a taxable, tax-free or pre-tax account – or a combination of the three. Additionally, how your funds are invested within these accounts significantly impacts your financial outlook.

Figuring out how much income you can expect to generate in retirement can be complicated but a financial advisor can help. Connect with a fiduciary advisor today.

Social Security benefits are inflation-adjusted and have been paid without interruption since 1940. Current projections indicate benefits may be reduced by 17% in 2035, however, unless Congress acts to shore up the program's trust fund.

Previous threats to Social Security have been fended off by increasing taxes, extending the retirement age and making other modifications that enable the program t

Fuente original: Yahoo Finance (https://finance.yahoo.com/news/im-62-800-000-receive-100000521.html)