Typical 62-Year-Olds Face $39,800 Retirement Income With $568,116 Savings and $1,424 Social Security
Updated
Updated · The Motley Fool · Sep 7
Typical 62-Year-Olds Face $39,800 Retirement Income With $568,116 Savings and $1,424 Social Security
3 articles · Updated · The Motley Fool · Sep 7
Summary
$39,800 a year is the rough retirement income for a typical 62-year-old using median savings of $568,116 and average Social Security of $1,424 a month.
A 4% first-year withdrawal from that nest egg would generate about $22,725 annually, or $1,894 a month, lifting total monthly income to roughly $3,318.
The analysis stresses that the median balance matters more than the $1.23 million average for people in their 60s because a small number of multimillion-dollar accounts skew the mean higher.
Waiting until 70 could materially improve the picture: average Social Security rises to $2,275 a month, and savings growing 5% annually for eight more years would increase by nearly 50%.