However, it will also depend on how old you are when you retire and how much you plan to spend each month as a retiree.Assuming an average annual return of 6% before taxes and a 22% federal tax rate, the table below offers a detailed breakdown of how long $700k can last across various annual spending scenarios:Initial savingsAnnual spendingEnough?Ending balance after 25 yearsRequired initial savings $40,000 Yes $518,755 $613,077 $50,000 No $213,511 $775,385 $700,000 $60,000 No -$91,733 $937,692 $70,000 No -$396,977 $1,100,000 $80,000 No -$702,222 $1,262,308 If you’re struggling to work out how much money you’ll need in retirement and how much you’ll need to save, a financial advisor can help. They will work with you to understand your unique needs and create a retirement savings plan to make your money go further. Match with a financial advisor below. Get personalized financial advice Join the 10 million+ people who’ve found financial advice with Unbiased* What do you need help with? ...
