Q. Can you retire if you have $2 million in savings at age 65?
A: There are 2 options:
1.Depending on how long you live -- and how you live! Think about it this way: There has been a lot of work done showing that if you pull no more than 4% out of your retirement accounts a year, your money will last for 30 years.
On 2 million, that means you're starting by pulling out $80,000. Can you live on that?
Can you live on that plus Social Security when you begin taking that? The answer of course, depends on your lifestyle and whether you're planning the sort of retirement where you'll continue to earn money.
2.Another option would be to create a personal pension at retirement that will guarantee 8% yearly. Using only half of the $2 million you have in savings, you have created $80,000 a year guaranteed to last the rest of your life (30 years +). If you used the whole $2 million it would generate $160,000 a year guaranteed.
Plus your social security when you begin to take it.
The key to this plan is to diversify with permanent life insurance. Your Death benefit needs to match your total assets at retirement.
For more information contact:
Voss Speros 602.531.5141
Speros Financial
www.sperosfinancial.com
A: There are 2 options:
1.Depending on how long you live -- and how you live! Think about it this way: There has been a lot of work done showing that if you pull no more than 4% out of your retirement accounts a year, your money will last for 30 years.
On 2 million, that means you're starting by pulling out $80,000. Can you live on that?
Can you live on that plus Social Security when you begin taking that? The answer of course, depends on your lifestyle and whether you're planning the sort of retirement where you'll continue to earn money.
2.Another option would be to create a personal pension at retirement that will guarantee 8% yearly. Using only half of the $2 million you have in savings, you have created $80,000 a year guaranteed to last the rest of your life (30 years +). If you used the whole $2 million it would generate $160,000 a year guaranteed.
Plus your social security when you begin to take it.
The key to this plan is to diversify with permanent life insurance. Your Death benefit needs to match your total assets at retirement.
For more information contact:
Voss Speros 602.531.5141
Speros Financial
www.sperosfinancial.com
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