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This is a little hypothetical, but not totally. OK, lets say i have worked and saved, maybe inherited a little. Kids are grown and I am 60. I want to "retire". I have a nest egg, house is still mortgaged, but I could pay it off. I do my budget and figure I need about $60K a year, right now, and that much buying power in the future. I have $500 a month from Social Security, $2000 a month from a retirement (fixed till I die). How much nest egg do I need? Alternatively, and probably easier to answer, lets say I have $1 Million. How much can I take each year, and not run out. 4%, 5%, 8%?
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