How much money do i have need of to hold to receive $74,000 per year within retirement income?
Answers:
i.e. almost imposable to answer every casing is going to diverge and hour long do you plan on living -- pocket my for example -- i receive 1381 from a political affairs retirement (AF) another 1450 from the elected representatives (SS) and consequently i draw out out 1400 from my 401K --- (and my 401 grows monthly) plus i usually currency 500 dollars worth stash bonds -- hold to currency them since these are bonds i bought over the 20 years i be within the service!- not the 74K you require but it will bequeath you an just right of one method you can come close!
$1,480,000 at a 5% rate of return give you $74,000 per year.
Dunno what the interest rate on nest egg is surrounded by the States nor whether you anticipate after import tax. But the weighing up simply is $74,000 divided by the interest rate( if interest rate is 5% afterwards you divide by 0.05)
So that would be $1,480,000. Better start positive quickly.
You don't read out how ancient you are. But assuming that you want to start collecting the income at age 65, you don't necessitate as much money as some of the others here are adage.
At the Fidelity Investments pattern site I used their annuity calculator to compute that a 65 year elderly single man could buy an annuity worth $74,000 per year for $945,000.
This is a lifetime annuity that would discontinue upon your destruction and next to no residual currency helpfulness (nothing gone over to quit within your will).