Can You Retire With $3.5 Million Savings? Expert Advice for Steve

Financial Readiness for Retirement

• 💰 Steve, at 62, has $3.5 million in savings across 401ks and IRAs, with no pension or debt, and his house is paid off.
• 🎯 He currently earns $175,000 annually as an attorney but struggles with the idea of income stopping while expenses continue.
• 💡 The advisor explains that $3.5 million invested in growth stock mutual funds, averaging 10%, could yield $350,000 annually without touching the principal.

Addressing Retirement Fears

• ⚠️ Steve's primary concerns are health insurance and the shift from income generation to expenditure.
• 📈 The advisor reassures him that even in down market years (rarely below 5% loss), he can use a portion of his savings, like $200,000, allowing the rest to grow.
• 🚀 It's mathematically impossible for Steve to outlive his savings unless he makes extremely poor financial decisions.

Planning for Life After Work

• ✈️ Steve desires to travel and spend more time with loved ones, recognizing that his current work is no longer a fulfilling use of his time.
• 🤝 The advisor suggests developing a plan for what he will do in retirement, emphasizing that