2007-10-22 17:53:26 · 5 answers · asked by mana 2 in Business & Finance ➔ Personal Finance
Try this retirement calculator
http://www.nylim.com/rcg/0,2058,70_1013296,00.html
2007-10-22 22:03:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Assuming an 8% annual return on an annuity that $1 million would give you an annual income of around $82,000 for the next 30 years. So I guess it is a question of how frugally you live. Remember that inflation will eat away at the real value of the $82,000 a year. Over the past 30 years the buying power of an initial $82,000 would have been reduced to $45,000 by now.
2007-10-22 18:06:01 · answer #2 · answered by Paul M 3 · 0⤊ 0⤋
Of course. A million dollars is still a lot of money. If you invest it wisely, it vl keep growing and also support your expenses.
56 is too young to stay home and sleep all day. You can still do lot of things without being working or employed full time.
The more actively engaged you are, healthier and happier you will be.
I am 58 and find that 3 days continuous holidays a difficult to pass.I get bored and yearn to get back to work the next day!
2007-10-22 18:27:31 · answer #3 · answered by Raghav 3 · 0⤊ 0⤋
Depends on how you plan to live, but you should be able to live comfortably and not even eat into principal much.
2007-10-22 18:14:20 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
probably not. maybe with investments
2007-10-22 18:05:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋