I am a 62 year old single man and have no children. Three years ago, instead of working in the office from 7 am to 5 pm every day, I decided to quit my job and enjoy life. I’m still worried if I’ve made the right choice and if I need a fair amount of income to ensure my golden age.
Currently, I live in a savings account. If you sell your home today, it’s a net $ 1 million. I have $ 508,000 in retirement savings, $ 660,000 in savings (collecting minimal interest), and $ 441,000 in securities / trading accounts. I haven’t declared social security yet and plan to live on savings to maximize social security and collect it at full retirement age. At that time, when I am 66 years and 10 months old, I will collect $ 3,100 per month.
My current monthly bill is $ 5,500 and will total $ 319,000 in spending (including health insurance) over the next 58 months. I have a dividend paying stock that pays $ 660 per month (or $ 8,000 per year).
My question is, can I go fishing for the next 25 years and forget about my job, or go back to fishing for a couple of years?
Thank you very much.
I have good news. At first glance, it seems that he will be able to continue fishing for the next 25 years as a retired man. But before you get a fishing rod and bait, consider some options to ensure a comfortable and safe retirement and retirement.
The level of cost you have provided is accurate, and with moderate inflation combined with an estimated investment growth rate of 6% to 6.5%, your strategy should be able to hold you down to social security and to some. Brian Robinson, certified as a financial planner and partner of the advisory firm SharpePoint, said.
“We have enough assets with different tax situations to achieve sustainable retirement until at least 90 years old, if properly allocated and assigned to the right type of vehicle,” Robinson said. Initially, the withdrawal rate will be higher than average and the assets will obviously be withdrawn sooner, but once social security begins, the rate will gradually decrease.
This definitely sounds like a win, but there are ways to improve the situation.
For example, you have a significant amount of money in your savings account. It’s absolutely great that it’s hidden in so many places and easily accessible, but keep in mind that inflation will undermine the purchasing power of that money in later life. Robinson Income Guarantee At a certain age.
You can think too conversion It’s part of this year’s retirement savings to your Roth personal annuity account, but you should consult a financial expert on the best way to do so.
See the MarketWatch column “Retirement hack” For practical advice for your own retirement savings journey
Putting money into an investment account can sound scary, especially as you’re trying to keep it alive for the next few years, but conservative investment generates more income than the interest accrued on your portfolio. More likely Todds Corzafaba, principal and partner of Eagle Rockwealth Management, talked about bank accounts. Even if you use this route, you still need to keep a healthy amount in your regular savings account. You need to pay at least 12 months.
According to Scorzafava, there are also some strategies you can take to withdraw money. For example, the “bucket” approach divides assets into multiple categories. One is the first account to access, so it is assigned very conservatively. The second is a bit less conservative and has a longer duration, so there are opportunities for return on investment. Other buckets continue their orbit, are slightly aggressive, and have a longer period. Ideally, don’t touch these other accounts unless absolutely necessary.
By the way, delaying social security to full retirement makes a lot of sense as you can get 100% of the profits you owe. If you find yourself still comfortable when you reach full retirement, you can postpone it longer. 70 years old, You will receive more money on your monthly check. But don’t make decisions based solely on that fact. There are quite a few factors to consider when deciding when to claim social security, such as health and longevity, current or projected future costs.
of course, Financial planner And / or tax professionals can point the right direction on how to move assets, allocate assets safely to investments, and make money without charging large taxes. .. Planners can also help you develop a comprehensive financial plan and explain gaps that you may unknowingly overlook. And when it’s time for you to sell your home, they may also help with the financial impact of the event.
“Do retirees have goals they want to achieve, do they want to travel, do they want to take vacations, are they healthy, have proper health insurance and care, and ultimately what they are caught in. Do you have a plan for a donut hole that Medicare can’t cover effectively? “Scorzafava said. “All of these questions are important for building a roadmap to retirement.”
Yes, always head to the water to enjoy as much fishing as you like. Remember to strengthen your finances so that they can reach their full potential while you are there.
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I’m 62 years old, unemployed and awaiting social security with my savings — “Can I go fishing for the next 25 years and forget about my job?”
http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-74BB-B4F750B5E543%7D&siteid=rss&rss=1 I’m 62 years old, unemployed and awaiting social security with my savings — “Can I go fishing for the next 25 years and forget about my job?”