A married couple with $1.4 million in IRAs and $4,100 per month in Social Security benefits may expect a retirement income of around $108,000 per year. Planning for retirement involves dividing your budget into four buckets: Needs, Lifestyle, Aspiration, and Estate. Your retirement income will come from pensions, assets, and Social Security. Consider different strategies for managing your retirement income, such as using a portfolio to purchase a lifetime annuity. Make sure to prepare for specific needs in retirement, including healthcare costs and inflation. Consult with a financial advisor to create a comprehensive retirement plan tailored to your needs and goals.

Read more at Yahoo Finance: We’re 66 With $1.4M in IRAs and $4,100 Monthly From Social Security. How Much Can We Spend?