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The 7% rule is a guideline suggesting you can safely withdraw about 7% of your retirement savings each year to maintain your lifestyle without running out of money too quickly.
How long $500,000 lasts depends on your annual expenses, lifestyle, and investment returns. For example, withdrawing $40,000/year could last around 12–13 years, assuming moderate growth.
Retirement plan costs depend on the type of plan and advisor. A reasonable range is 0.5–1% of your assets per year or a fixed fee based on complexity and services offered.
Retirement planner costs vary. They may charge a flat fee ($1,500–$5,000), hourly rate ($150–$400/hour), or a percentage of assets under management (0.5–1%).
