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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.
Social Security requires SSI recipients to have less than $2,000 in assets, for a single person, and $3,000 for a couple. The income limit is more complicated. The way Social Security counts income is different than the way we usually think of income.