I’m 56, my husband is 57 and retired. We have about $750,000 saved and a military pension. I’m ‘tired of working in America.’ Can I retire in three years?
The good news: That pension and your savings are and will be great assets for you in retirement, so congratulations on that! There are many factors that go into knowing how much you’ll need for retirement, and a few ways to break down these annual estimates. For example, if you were to use the 4% rule, which is a traditional rule of thumb that suggests you take out 4% of your retirement savings every year to live on, you’d generate about $30,000 to $35,000 a year, said Morgan Hill, chief executive officer of Hill and Hill Financial.