Retirement is a lot cheaper than working, according to the Motley Fool

It is common wisdom that a retired couple should have at least $1 million in liquid assets for retirement. The Motley Fool argues that they could have a decent retirement with $500,000 plus social security.  Their calculation is based on the following:

1. Income from the $500k at 4%, for $20k/year.
2. Social security of $24k/year

This results in $44,000/year in income.  They go on to enumerate retirement expenses and find that this income would work. There are a few challenges for someone living in eastern Massachusetts, like us. They are estimating housing costs of $1232/month,but for us to stay in our present house it would cost $3,000/month.  Of course, we could move to an apartment in the western part of the state, which would be a lot cheaper.

It's an interesting article.  You may wish to review it by clicking the picture below:

http://www.fool.com/retirement/general/2016/01/25/heres-what-the-average-retired-americans-budget-lo.aspx