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How long will $700,000 last in retirement

How long will my money last?

You've worked hard to save. Find out how long your savings may last when you take regular withdrawals.

With about $700,000, I intend to retire by age 62. How can I make sure this income lasts for at least 30 years?

We have no idea exactly how long we will live or what kinds of expenses we will have once we finish working, so developing a strategy that ensures a reasonable lifetime income while also allowing you to spend more if you want or must is especially important.

Your goal for retirement isn't just about ensuring that your money lasts; you also want to be able to live comfortably for the rest of your life. I assume that you would also like to be able to access your nest egg in a variety of ways so that you can cover both regular living expenses and unexpected costs as well as the occasional extravagant purchase.

There are several types of retirement savings plans, such as 401(k)s and company pensions. You can begin investing with an IRA, a self-employed plan, a pension, or social security insurance. Living in retirement, you can get assistance if you need it.

It's not my intent to quibble, but having a clear understanding that you have multiple objectives is critical when deciding how to invest your $700,000.

An immediate annuity, a kind of investment that provides you with a lifelong monthly check, would protect you if you are worried about outliving your nest egg. You could distribute your money among enough insurance providers to be fully protected by your state's insurance guaranty association as long as you're careful about how you do it. You might receive $3,600 per month, and possibly more, as long as you live.

An annuity also comes with a drawback: you can no longer draw on your nest egg for emergencies or other purposes. You only receive monthly payments. Unless you purchase an immediate annuity with an inflation protection rider—which typically implies accepting a lower initial payment—the purchasing power of your monthly payments will decline as you age.

Putting your entire stash in an immediate annuity is probably not the right way to go because of such shortcomings.

However, you may benefit from the flexibility that comes with investing in a relatively conservative stock and bond fund mixture of 50% stocks, 50% bonds, withdrawing the money you need each year.

According to what is commonly known as the "4% rule," you can increase your retirement funds' longevity by withdrawing 4% of your nest egg's value the first year, $28,000 in your case, and then raising that amount by the inflation rate every year to preserve your purchasing power.

Based on certain assumptions regarding inflation and investment returns, an 80% chance exists that your money will last at least 30 years if you follow this plan. In addition, you would be able to withdraw extra money should you need it.

While this method is advantageous, it also has disadvantages. Your chance of running out of money too soon is low, but it is not nonexistent. There is still a significant risk, especially if your assets lose a lot early in retirement. If your assets lose value, particularly early in retirement, you may deplete your nest egg before you die.

Even if you avoid the 20% or so of situations where your dough runs out, there is another danger: You could end up with a still sizeable nest egg after 30 years, possibly even larger than the $700,000 you began with, if the markets do well and your stock and bond funds prosper.

Having a lot of money when you retire can be a bad thing. Spending more money on retirement earlier can be a problem, resulting in fewer enjoyable times.

How can you ensure that you don't run out of money too soon, have enough money to spend if needed, and avoid living too frugally early on, all while trying to accomplish multiple goals worth $700,000?

To begin, split your retirement outlays into two groups: essential expenses, which are the costs you must pay (mortgage or rent, utilities, taxes, food, etc.) or discretionary expenses, which you can defer or significantly reduce (entertainment, travel, etc.).

Before investing your $700,000 in a portfolio of stock and bond funds and some cash equivalents, see whether you can cover all or nearly all of your necessities from guaranteed sources of income, such as Social Security and pensions.

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You don't have to make a high rate of return on this stash in order to fund your spending. Because you may eliminate or curtail spending from this stash at any time, you may invest it extremely conservatively if you desire, retaining say, 20% to 30% in stocks and the rest in bonds and cash. A diversified portfolio will safeguard you against economic downturns, and at the same time provide adequate growth to fund your discretionary expenditures and cushion for contingencies. Down the line, you may use it to purchase necessities if inflation causes prices to rise.

It is likely that most people's Social Security and pension income will not be enough to cover their required expenses; if so, you may wish to invest part of your $700,000 in an immediate annuity.

Investing the extra money in stocks, bonds, and cash will enable you to pay for non-essential purchases and protect against future inflation. To make sure you have enough to cover your essential expenses, you should invest the annuity and social security. (For more information on this annuity-plus-investment method, click here. Even though you may start collecting Social Security at age 62, you may want to wait until you're older to receive a higher payment. Every year you defer the qualification, the payment would increase by about 8%. You may get more money out of your savings until the larger Social Security payment is available, but as long as you live into your 80s, you would still come out ahead by waiting.

No one can predict precisely how long they will live or precisely what expenses they will have in the post-career phase of their lives. It is for this reason that developing a strategy that will provide a minimum acceptable lifetime income is so critical, while also allowing you to boost your spending if you desire or must.

Please bear in mind, if you are wondering how long would $100k, $200k, $300k, $400k, $500k, $600k, $750k, $800k or $1,000,000 last for your retirement? when investing in gold and silver this will safe guard your funds! 

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Why Goldco, Birch Gold Group, and Augusta Precious Metals are Top Picks

5 of 5 stars

  • Specializes in precious metal IRAs
  • Investment minimum: $50,000
  • No maximum

5 of 5 stars

  • Specialize in gold IRAs and silver IRAs
  • Account Minimum: $20,000

5 of 5 stars

  • Specializes in gold IRAs and silver IRAs
  • Account Minimum: $10,000

Goldco: Goldco shines with its stellar customer service, educational resources, and transparency in fees. Their free Gold IRA guide is an invaluable resource for investors.

Birch Gold Group: This company is renowned for its commitment to educating customers. Their free informational kit is comprehensive, and the team provides excellent support to make the Gold IRA process smooth and stress-free.

Augusta Precious Metals: With lifetime customer support and a comprehensive range of services, Augusta Precious Metals is a reliable choice for those setting up a Gold IRA. Their free gold IRA guide is a bonus for investors.

Picking the right Gold IRA company is an essential step towards securing your retirement. Make sure to research thoroughly and choose a company that offers transparency, excellent customer service, and secure storage options. Goldco, Birch Gold Group, and Augusta Precious Metals are excellent choices, but always choose the one that best suits your individual needs.