Retirement Budget Workup

This is a news story, published by Yahoo Finance, that relates primarily to Social Security news.

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retirement budget

SmartAsset

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What's My Retirement Budget at 64 With $1.2M in My 401(k) and $2,800 From Social Security?

Summary

Nutrition label

82% Informative

For an average single person planning to stop working at 64 , a $1.2 million 401(k) account and $ 2,800 Social Security benefit could provide enough income to make ends meet.

Widely used guidelines suggest your annual income may be around $81,600 .

Much depends on individual circumstances, including the kind of retirement lifestyle you desire, your location and future trends of inflation, taxes and investment returns.

Average annual premiums for long-term care insurance for a 65-year-old male are approximately $1,175 .

Taxes normally decline in retirement but won’t completely disappear.

Required Minimum Distributions (RMDs) start taking RMDs when you reach 73 .

Location, healthcare costs and future of Social Security are just some of the other uncertainties.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity