My wife and I are in our 50s with $300,000 in a 401(k) and $700,000 in a pension. Will we have enough to ‘live a simple life’ in retirement?
In this scenario, if you were to have $1 million in retirement assets, you’d be withdrawing about $30,000 a year, or $2,500 a month. Then, see how much you can expect to get from Social Security.