Jill on Money with Jill Schlesinger cover image

Which Accounts to Tap in Retirement

Jill on Money with Jill Schlesinger

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How Much Money Do You Need to Live on a Monthly Basis?

You're mostly paying tax at a rate of, let's call it about 22 %. But what i think you want to maybe du for this year is we would take the money out of the i r a and pay the tax on it. I wouldn't take all that cash out at once. And then you've got some money that's socked away in your bank account. You can live on that. How much money do you need to live on on a monthly basis? Probably the most i would need would be about four thousand a month.

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