T. Rowe Price Retirement Plan Services (2024)

FAQs

How do I contact T-Rowe Price retirement plan services? ›

So, "for an income of $80,000, you would need a retirement nest egg of about $2 million ($80,000 /0.04), assuming "a 5% return on investments, after taxes and inflation, no additional retirement income, such as Social Security, and a lifestyle similar to the one you would be living at the time you retire." This rule ...

By retirement age, it should be 10 to 12 times your income at that time to be reasonably confident that you'll have enough funds. Seamless transition — roughly 80% of your pre-retirement income. This amount is based on a safe withdrawal rate (SWR) of about 4% of your retirement accounts each year.

The 4% rule for retirement budgeting suggests that a retiree withdraw 4% of the balance in their retirement account(s) in the first year after retiring, and then withdraw the same dollar amount, adjusted for inflation, every year thereafter.

Wait to Withdraw Until You're at Least 59.5 Years Old

By age 59.5 (and in some cases, age 55), you will be eligible to begin withdrawing money from your 401(k) without having to pay a penalty tax. You'll simply need to contact your plan administrator or log into your account online and request a withdrawal.

To withdraw assets, contact T. Rowe Price at 1-800-492-7670 or at P.O. Box 17350, Baltimore, MD 21297-17350. Please note that if you have not yet reached age 59½ and no exception applies, you may be subject to a 10% penalty.

Retiring on $6,000 per month is likely enough to live comfortably in many parts of the U.S. Considering budget, climate and other lifestyle factors, you can home in on the ideal location to spend your golden years.

The short answer to this question is, “Yes, provided you are prepared to accept a modest standard of living.” To get an an idea of what a 60-year-old individual with a $300,000 nest egg faces, our list of factors to check includes estimates of their income, before and after starting to receive Social Security, as well ...

The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. According to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.

Famed financial guru Suze Orman once told Paula Pant on the “Afford Anything” podcast that $2 million isn't enough to retire early on. So, how much does she say you will need to live comfortably in your golden years? She advocates saving significantly more — closer to $5 or $10 million to retire early.

What is a good monthly retirement income? ›

The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.

The golden rule of saving 15% of your pre-tax income for retirement serves as a starting point, but individual circ*mstances and factors must also be considered.

Retiring early is neither beneficial nor detrimental to your mortality risk or longevity, a new review finds. When ignoring prior health status, on-time retirement seems to lead to higher mortality rates. Demographic factors like age, gender, prior health, and socioeconomic status affect mortality at retirement.

With $1 million invested, it may be possible to live off the interest from that portfolio. However, before deciding to do that, consider consulting with a financial planner who can help you develop the optimal plan for retirement income.

Your account numbers and/or your investor number can be found on your paper statements, tax documents, and other information you receive from T. Rowe Price. An account number or investor number is required when establishing your online access for the first time.

Talk to your employer, your bank, your union, or a financial adviser. Ask questions and make sure you understand the answers. Get practical advice and act now.

Cash out your assets Cashing out your old 401(k) may have significant financial consequences. Not only are those funds considered taxable income and subject to an immediate tax withholding, but also you may be subject to a 10% early withdrawal tax penalty if you cash out before age 59½.