I've done the math: I can retire at 66 with $550,000 in the bank and not a penny more. How do I make it last?

Core Insights - Roth IRA accounts allow tax-free withdrawals in retirement, providing a significant advantage for retirees [1] - Strategies to minimize tax burdens and maximize savings are crucial for those with lower expected retirement incomes, especially with upcoming tax breaks for seniors [2] - The average annual spending for Americans aged 65 to 74 exceeds typical retirement income levels, highlighting potential shortfalls for retirees [3] Investment Strategies - Utilizing the 4% withdrawal rule on a $550,000 nest egg results in an annual income of approximately $22,000, which may be insufficient compared to average retirement spending [4] - The average American aged 65 to 74 has about $609,000 saved, indicating that $550,000 may not be adequate for a comfortable retirement [5] Tax-Advantaged Accounts - Self-directed IRAs, such as those offered by SoFi, provide commission-free investing and broader investment options compared to employer-sponsored accounts [6] - High-net-worth individuals may consider the backdoor Roth IRA strategy to bypass income limits on contributions [7][8] Social Security Benefits - Delaying Social Security claims until age 70 can result in an 8% annual increase in benefits, significantly enhancing retirement income [11] - Larger Social Security benefits can alleviate pressure on retirement savings, allowing for longer investment growth [12] Cost Management in Retirement - Downsizing homes can free up equity and reduce monthly expenses, which is beneficial for retirees looking to stretch their savings [17][18] - Moving to states with no income tax can also lower overall living costs, providing additional financial relief [14][15]