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How much money should I withdraw from my retirement account to live comfortably?

I am 64 years old and I work part time. I am collecting $1,000 a month in Social Security and I have $150,000 saved for retirement. I'd like to start withdrawing from my retirement fund next year. How much can and should I take out per month so I can live comfortably for the next 15 years?

Retirement, Retirement Savings, Retirement Living
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September 2017

The first step in getting the answer to your question is to calculate your ongoing expenses.  That includes the full range of expenses including housing, food, utilities, insurance, clothing, and at least a dozen or more categories that we all have to deal with.  Once you have this budget prepared, your objective will be to generate sufficient income to make ends meet.  That will include the $1,000 a month in Social Security. 

If your retirement fund earns 6% a year and you start drawing down $1,500 a month next year, the fund will last about 15 years.  Altogether, you would have $2,500 a month to live on.  After you figure out your expenses, you'll have a better idea of whether that will be enough to get the job done.

September 2017
September 2017
September 2017
September 2017