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How Much Savings is Needed for Retirement?
Ken Steiner, FSA Retired Link to more items from this source
Apr. 25, 2014
"If Social Security income is around $30,000 per year (about the maximum in 2014) and no other retirement income sources exist, then total annual gross retirement income (Social Security and withdrawals according to the approach outlined in this website) for an individual retiring at age 67 with $1 million of accumulated savings will be about $75,000 to $80,000 depending on how much of the $1 million is used to purchase an immediate annuity (based on current annuity purchase rates) and/or whether the retiree delays receipt of Social Security benefits. This level of retirement income will probably be enough for many individuals who retire in the near future."

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