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Posted: October 17th, 2021
You are trying to decide if you have enough money to retire.
Question description
You
are trying to decide if you have enough money to retire. You are expecting $2,500 a month from Social
Security. You have $1.2 million in your
retirement savings, and you only want to use the earnings to live on, which is
at an 8% annual rate. You are currently
making $64,000 a year and plan to live on 80% of that amount. Do you have enough to retire based on these
numbers?
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