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Question for the Money Doctors

Question submitted on Jan 15, 2021.

Question

We have $1,600,000 in our IRAs. I am 72 and my wife is 68. We have no debt and our home is probably worth about $575,000. Our health is reasonably good. The average age of death for my parents and grandparents was 85 to 90. My wife's genetic history is unknown because her parents died accidentally when they were young. Our 4 children are grown and gone and financially independent. What would be a reasonable annual safe withdrawal as a percentage of our savings?

Answer

The standard amount suggested over the many years is 4%. Seems from your comments you could take more if you saw a need for traveling, second or third home etc. Nice to hear your in a very secure financial position. Enjoy your money and life.


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