From Yahoo Finance: 2025-05-07 08:30:00

A woman considers retirement income options with an $850,000 IRA and $2,800 monthly Social Security benefit. Factors to consider include expenses, potential returns from assets, and consulting with a financial advisor. Various income options could generate between $34,000 and $85,000 annually, supplementing Social Security benefits.

Retirement expenses vary based on lifestyle and location. Statistics show average income and spending for retirees, with most replacing 55% to 80% of pre-retirement income. Detailed budgeting for expenses like housing, food, taxes, and healthcare is crucial. A financial advisor can assist in evaluating income and expenses for retirement planning.

Balancing income and expenses is key for retirement. An $850,000 IRA and $2,800 Social Security benefit could cover typical expenses without high risk. Individual factors like investment choices, lifestyle, and location influence income and expenses. Financial advisors and online tools can assist in retirement planning and decision-making.

Read more: Can I Retire at 65 With $850K in an IRA and $2,800 a Month From Social Security?