‘I don’t want to worry about money’: I’m 64 with $400K in savings and $700 in Social Security. Can I retire next year?

A listener at 64, with $140k in savings, $260k in retirement fund, and $2,200 monthly rent income from 4 paid-off properties, plus $700 from Social Security, considers retiring next year. Delaying retirement by a year could increase monthly income by $1,000. However, managing rental properties may not be worth the hassle. The average retiree spends $4,300/month, but many live on less. Timing Social Security benefits also impacts retirement income. Experts advise considering all factors for long-term comfort and happiness.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.