Retirement Budget: Income vs. Spending

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

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retirement income plan

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Business

Business & Economics

At 60 We Have $1.3 Million in 401(k)s and Will Receive $5,100 Monthly From Social Security. What's Our Retirement Budget?

Summary

Nutrition label

80% Informative

A hypothetical couple with $1.3 million in 401(k)s can expect $ 5,100 per month in combined Social Security .

A 4% annual withdrawal rate would generate $ 88,000 of pre-tax income per year.

Taxes are the next challenge to tackle when putting together a retirement income plan and budget.

During your working life, you generally don’t need to budget for decades down the road.

In retirement, you need to think in 20-, 30- or even 40-year terms.

Planning for longevity risk is an issue known as “longevity risk” It’s the chance that you outlive your retirement savings and have to rely on Social Security .

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful