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You need to do all the math and consider all the variables. It’s extremely difficult to simplify the need to a single number because it gets complicated fast depending on your individual situation .
For example, if you have $500k on a mortgage and plan to retire and make house payments from an non-IRA account then you just withdraw money and make payments. But if you plan to use your non-Roth IRA funds you will need to pay federal, state and local income tax first, so you may need to withdraw $600k to net $500k after taxes. I find it very painful to withdraw IRA funds because I pay the taxes each time I withdraw.
Also consider that when you have a high retirement income you will pay more for the mandatory Medicare premium. I had the option of staying on an employer health plan after retirement, but when I hit 65 my cost went up because i now must pay Medicare for me and my spouse, and each one of us is a high income earner.
And when you push your income up one year (sell rental property, withdraw IRA, etc,) that also pushes you to a higher Medicare premium the next time it’s recalculated. For example, the premium for those making over $170k a year is $545/month, so a couple pays $1090/ month, and it is mandatory. And most folks then buy supplemental insurance on top of that. It all adds up.��
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