‘I don’t want to worry about money’: I’m 64 with $400K in savings and $700 in Social Security. Can I retire next year?
Update: 2025-11-01
Description
A listener at 64, with $140k in savings, $260k in retirement fund, and $2,200 monthly rent income from 4 paid-off properties, plus $700 from Social Security, considers retiring next year. Delaying retirement by a year could increase monthly income by $1,000. However, managing rental properties may not be worth the hassle. The average retiree spends $4,300/month, but many live on less. Timing Social Security benefits also impacts retirement income. Experts advise considering all factors for long-term comfort and happiness.
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