I'm 64 With $1.2 Million in a 401(k) and $2,800 Social Security. How Should I Plan My Retirement Budget?

For an average single person planning to stop working at 64, a $1.2 million 401(k) account and $2,800 Social Security benefit could provide enough income to make ends meet during retirement. Widely used guidelines suggest your annual income may be around $81,600, which may or may not be more than your annual expenses. Much depends on individual circumstances, including the kind of retirement lifestyle you desire, your location and future trends of inflation, taxes and investment returns. To get a comprehen ...