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I’m 62, unemployed, living off my savings and waiting on Social Security — ‘Can I go fishing for the next 25 years and forget about work?’
If the level of expenses you provided is accurate, coupled with moderate inflation and an estimated investment growth rate of net 6% to 6.5%, your strategy should be able to hold you over until Social Security and then some, said Brian Robinson, a certified financial planner and partner at advisory firm SharpePoint. “There are enough assets with different taxable circumstances that, if allocated correctly and in the correct types of vehicles, will achieve a sustained retirement through at least age 90,” Robinson said. At first, your withdrawal rate will be higher than average, which will obviously draw down your assets faster, but when Social Security kicks in, that rate will taper. For example, you have a substantial amount of money in your savings account.