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I'm 67 With $900k in a 401(k), $200k in Cash and $2,400 Monthly Social Security. How Should I Budget?
Yahoo Financeยท2025-09-25 20:00

Core Perspective - The article discusses the importance of setting a retirement budget based on accumulated savings and benefits, emphasizing that by age 67, retirement finances are largely established [1][2]. Retirement Income Sources - Social Security benefits are highlighted as a reliable income source, with an expected amount of $2,400 per month or $28,800 per year at age 67, which adjusts for inflation [4]. - Delaying the collection of Social Security benefits can increase the monthly amount to $2,976 or $35,712 per year by age 70, representing a potential lifetime increase in benefits [6][5]. Financial Management Strategies - Individuals may need to consider various strategies for managing their retirement funds, including charitable giving, estate planning, or adjusting their lifestyle based on their financial situation [2]. - The total retirement budget will depend on how individuals manage their combined assets, which in this example totals $1.1 million across cash and investments [7]. Investment Considerations - The article emphasizes the balance between risk and reward in investment strategies, noting that aggressive investing may yield higher returns but also increases portfolio volatility [7].