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In fact, if you decide that a 3% withdrawal rate is best for you, with $1 million, you're looking at $30,000 a year in retirement income. That could make a big difference in your lifestyle ...
Retirement savings: Retirement funds come from workplace retirement plans such as 401(k)s or 403(b)s, ... To be sure, $1 million may not be enough if you intend to spend lavishly. However, some ...
Retiring with $1 million is quite impressive, but that money might have to last for 20 years, 25 years, or more. For this reason, it's important to be careful about how much you withdraw every year.
But before you panic: Based on your age, if you make the most of your job's 401(k) plan and other retirement savings accounts, you might have plenty of time to save $1 million for retirement.
But between taxes and inflation, the million-dollar dream has turned into a question. Think about it. A cool million today has the not-so-chill buying power of roughly $600,000 and change in 2004.
You've hit the million-dollar mark in your retirement savings. Congratulations! But now comes the tricky part: figuring out how much you can safely withdraw each year without running out of...
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