How to Retire at 65 With $2 Million | Retirement

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For many savers, having $2 million stashed for retirement would make them feel light years ahead of where most Americans stand with their long-term savings. But if you don’t manage that $2 million correctly, you risk running out of cash during your golden years.

That scenario is more likely than you may think, considering U.S. retirees may easily live 20 or 30 years in their golden years or even longer. Additionally, when you stop working, you stop earning.

“Since your income stream falls significantly – or even goes away entirely for a time – when you retire, it’s necessary to understand how your assets can be turned into an income stream,” says Jill Fopiano, CEO at O’Brien Wealth Partners in Waltham, Massachusetts. “This income stream, plus any Social Security or pension income, should be compared to your anticipated expenses to ensure you can cover the lifestyle you are planning.”

What’s the optimal strategy to build a suite of income streams with $2 million in retirement savings at or around the traditional retirement age of 65? Here’s what the experts advise.

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