Retirement Savings Crisis: How to Make $120,000 Last with $3,900 Monthly Expenses
As a 65-year-old retiree with $120,000 in savings and a monthly Social Security income of $1,700, managing expenses of $3,900 per month can be challenging. Following the 4% rule, your retirement savings would only yield $4,800 annually, or $383 per month. To avoid depleting your nest egg, consider exploring alternative income streams, such as part-time work or investing in dividend-paying stocks. Additionally, reviewing and adjusting your budget to prioritize essential expenses, while also taking advantage of retirement planning strategies, such as tax-advantaged accounts and pension maximization, can help ensure your money lasts. By implementing these tactics and maintaining a disciplined approach to financial planning, you can mitigate the risk of outliving your savings and enjoy a more secure retirement, utilizing popular strategies like retirement income planning and wealth management.
