58 years old. have 1,200000$ in roth IRA and stocks. need 7000 a month to live. will recieve 2000$ when 60 yrs. will recieve 2000 when 62 yrs. how long will my  money last

To calculate how long your money will last, we need to evaluate your monthly expenses and the income you'll receive over time, and then factor in how long your current savings will support you.

Here’s the breakdown:

### Key Data:
- **Age**: 58 years old
- **Current Savings**: $1,200,000 in Roth IRA and stocks
- **Monthly Expenses**: $7,000
- **Income starting at 60 years old**: $2,000/month
- **Income starting at 62 years old**: Additional $2,000/month (total $4,000/month by then)

### Assumptions:
1. **Rate of return on investments**: Let's assume a 5% annual rate of return on your investments (you can adjust this based on your investment strategy).
2. **Inflation**: We'll ignore inflation for this calculation to keep it simple, but this will affect how long your money lasts in reality.
3. **Withdrawals**: You start withdrawing immediately to cover living expenses.

We’ll need to calculate:
1. How long the $1,200,000 will last until you receive $2,000/month starting at age 60.
2. How long the remaining balance will last after age 60, when you receive $2,000/month, and then again at age 62 when you receive a total of $4,000/month.

I'll calculate this now.### Results:

1. **At age 60**, your balance will be approximately **$1,149,628** after 2 years of withdrawals.
2. **At age 62**, your balance will be around **$1,144,342** after another 2 years, factoring in the $2,000 monthly income starting at 60.
3. **After age 62**, with $4,000 in monthly income and reduced withdrawals, your savings would **not deplete**. In fact, your balance would grow significantly over time, assuming the 5% annual return. By a certain age (e.g., 100), your savings could even grow to **$27.8 million**.

This scenario shows that your current savings, combined with income from age 60 and 62, should more than cover your expenses over your lifetime, especially with a 5% investment return.

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Would you like further details on any of the phases or calculations?  
Here are five related questions you might consider:

1. What happens if my rate of return is lower than 5%?
2. How does inflation impact the longevity of my savings?
3. Should I adjust my investment strategy as I get closer to retirement?
4. What if my expenses increase over time?
5. How would early withdrawals or emergencies affect this projection?

**Tip:** It's important to periodically revisit these projections to adjust for changes in returns, expenses, or life events.

58 years old. have 1,200,000$ in roth IRA and stocks. need 7000 a month to live. will receive 2000$ when 60 yrs. will receive 2000 when 62 yrs. how long will my money last?

Discover how long $1.2M in a Roth IRA and stocks will last with $7,000 monthly expenses. Learn to calculate using compound interest, projected incomes at ages 60 and 62, and a 5% annual return on investments.

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