Can I retire on 500k plus Social Security?
Social Security benefits can help supplement retirement savings but they will only go so far.
For 2019, the maximum Social Security benefit is $2,861 but the average monthly benefit is $1,461.
Crunching the numbers, the idea of retiring on $500,000 may seem out of reach.
But don’t count it out completely.
How long will $500000 last retirement?
How much retirement income does $500 000 generate?
Pour just $500,000 into these investments, and you would generate $34,950 annually – more than $1,200 per year better than the median American personal income.
Is $500000 enough to retire on?
When to Retire: The 4% Draw Down Rule. Whether you’re going to retire in five years or 25, you need to put the 4% rule to work. It’s one of the best ways to tell how much monthly income you can generate from a $50,000, $500,000 or $1 million nest egg without having to worry about outliving your money.