Is $500,000 enough for a retiree?

The short answer is yes, $500,000 is enough for many retirees. The question is how that will work out for you. With an income source like Social Security, modes spending, and a bit of good luck, this is feasible. And when two people in your household get Social Security or pension income, it’s even easier.

Is $500K enough for a 30-year retirement?

If you don‘t have any other income for a 30-year retirement, $500K in savings means you’d have about $20,000 for each year. If you discover $500,000 isn’t enough to retire comfortably, you may need to earn extra money now — and in retirement — to help you live the lifestyle you want. If you discover it is enough, here‘s what you can expect.

Can I retire on $500k?

As we have established, retiring on $500k is entirely feasible. With the addition of Social Security benefits, this becomes even more of a possibility. In retirement, Social Security benefits can provide an additional $1,900 per month, on average. You can start receiving Social Security benefits as early as 62. However, these will be reduced.