How Much Do You Need Saved to Get $10K a Month in Retirement Income?
A $10,000-per-month retirement income would provide $120,000 to live on -- but is it possible?
To generate $10,000 in retirement income, you must have a certain amount saved. For instance, a 4% rule suggests withdrawing 4% of your portfolio balance annually, adjusting for inflation. To withdraw $10,000 per month, you would need a $3 million savings. An online calculator can help determine monthly savings required to reach $3 million, depending on the start age and expected returns.
Starting early significantly impacts the monthly investment needed. Automating investments and selecting a suitable risk level also contribute to achieving this goal.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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