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$5 Million in Retirement Savings: Here's How Much You Could Withdraw Per Year [Yahoo! Finance]
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US:NASDAQ Investor Relations: phx.corporate-ir.net/phoenix.zhtml%3fc%3d97664%26p%3dirol-irhome
Northwestern Mutual's 2024 Planning and Progress Study found that the average American believes they'll need $1.46 million to retire comfortably. However, according to the Federal Reserve , the median retiree closes out their career with just $87,000 to see them through. Read Next: Cutting Expenses in Retirement: 6 Home Items To Stop Buying For You: 5 Genius Things All Wealthy People Do With Their Money So, with nearly 3.5 times what most people think they'll need and around 57.5 times what the retiree in the middle actually has, you might feel like you're entering your golden years with all the money in the world. But even real money like $5 million is finite, and with decades of retirement in front of you, it's possible to spend yourself into financial insecurity if you don't have a plan for how much to withdraw annually. Here's how to make sure you don't outlive your hefty savings Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt w
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