Americans aged 65 to 74 have an average retirement account balance of $609,000, but the median balance is only $200,000. With careful planning, it’s possible to live comfortably with a $500,000 nest egg. Using the 4% rule, you could withdraw $20,000 annually, supplemented by Social Security benefits of about $23,000 per year.

To stretch your $500,000 in retirement, consider investing in stocks for growth. By following the 110 minus your age rule, you can determine how much of your portfolio to keep in stocks. Diversifying with alternative assets like gold can help stabilize your portfolio against market fluctuations and inflation.

Consider part-time work in retirement to supplement your income. Delaying Social Security past full retirement age can boost your monthly benefit by 8% per year. Auto-investing spare change using apps like Acorns can help save money effortlessly. It’s also crucial to have an emergency fund and plan for healthcare expenses.

Healthcare costs for retirees can be high, with Fidelity estimating an average of $165,000 for 65-year-olds. Comparing health insurance rates with U65 Health Insurance can help mitigate these expenses. Stay informed about retirement planning and financial strategies to ensure a comfortable and secure future.

Read more at Yahoo Finance: I’m 65 and set to retire with $500,000 in my bank. How long will that last?