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If you are forced to take out more than $40,000 adjusted for time during your retirement, you are tempting fate and relying on luck to get you by. So, if you want at least $40,000 per year, $1 million is really the least amount of money, the bare minimum, you should have before you launch into retirement.
Beginning with 1955, two months are added for every birth year until the full retirement age reaches 67 for people born in 1960 or later.) 1  If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2017, that limit is $16,920. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2017, the limit on your earnings is $44,880 but we only count earnings before the month you reach your full retirement age.