Is $500k in an IRA and Monthly $2,000 From Social Security Enough to Retire?
Planning to retire soon and wondering if $500k in an IRA and $2k monthly from Social Security will be sufficient to support your lifestyle after 67? Well, there’s more to consider. A financial advisor can help you take all aspects into account in order to develop a well-rounded retirement strategy that aligns with your financial goals.
Your Health and Longevity
First and foremost, you should consider your health when planning retirement. Will you be able to continue working past 67 or do health concerns make an earlier retirement necessary? As you grow older, your health may become unpredictable, affecting your ability to work effectively, even if you’re still in good shape.
Income and Social Security
When it comes to the income needed to maintain your chosen standard of living, a financial advisor can provide guidance based on both your retirement and Social Security benefits. With $500k, what you can actually afford may be lower due to taxes and other unforeseeable risks in addition to managing your spending.
Investing Your Savings
Maximizing your IRA involves understanding your options and knowing how to make the most of your hard-earned savings. An advisor can provide you with practical investment strategies and assist you with IRA management.
Ultimately, the decision to retire depends on factors such as how your portfolio is managed and your personal financial objectives. A financial advisor can help guide you towards a secure and comfortable retirement.
