Summary: Financial advice for 49-year-old with $500k in savings to secure retirement without annuities.

From Yahoo Finance: 2025-03-24 08:30:00

Victor, a 49-year-old government contractor with $500,000 in savings, seeks retirement income advice. Financial advisor Matt Becker suggests withdrawing 4% annually, projecting $56,390 income at age 65. Consider Social Security for additional income. Increasing retirement contributions can boost savings. Annuities, investment properties, and high-dividend stocks are options to explore.

Social Security can provide a steady income in retirement. A $50,000 annual salary predicts a $22,128 benefit at age 67. Combined with retirement savings, total annual income could reach $62,465. Higher salaries may require increased contributions. An emergency fund is crucial for unexpected expenses. Financial advisor matching tool available for personalized advice.

Read more: I’m 49 With $500k in Savings. How Can I Secure Retirement Without Costly Annuities?