Can I Retire at 70 With $250k in an IRA and $3,000 a Month From Social Security?

Core Insights - Individuals in their mid-60s should begin serious retirement planning as retirement approaches [1] - The management of an IRA over the next five years is crucial for determining retirement outcomes [2] Investment Strategies - Investing in Bonds: A full investment in investment-grade bonds yielding an average of 5.6% could grow an IRA of $250,000 to approximately $328,291 by retirement [4] - Investing in the S&P 500: Allocating all assets to an S&P 500 index fund could yield a potential value of $402,628 by age 70, assuming a 10% average market return, though this is riskier given the short investment horizon [5] - Building a 60/40 Portfolio: A traditional 60% stocks and 40% bonds portfolio could grow to about $380,615 by age 70, based on a historical growth rate of 8.77% per year [7] Financial Advisory - A strategic mix of stocks and bonds can provide a balance of growth and safety, and consulting a financial advisor may help align asset allocation with individual risk tolerance and goals [8]