Well, how much do you have in your 401K and how old are you?

Yes, it is. Now you can work or not work it is up to you. Congrats on a JOB well done.
Pun Intended...

 

UPDATED 4/15/19
AGE 55, NO KIDS, SINGLE
IRA BALANCE $935,000
TRUST INHERITANCE $950,000
401K $98,000
STOCKS $79,000
CHECKING ACCT $22,000
RETIREMENT TARGET AGE OF 58

UPDATED 6/23/20
AGE 56, NO KIDS, SINGLE
IRA BALANCE $1,071,000
TRUST INHERITANCE $1,373,000
401K $134,000
STOCKS $138,400
CHECKING ACCT $29,000
RETIREMENT TARGET AGE: RETIRED JUNE 2020
(INVESTED IN VOLATILE TECHNOLOGY MUTUAL FUNDS FOR 30 YEARS)

UPDATED 4/1/21
AGE 57, NO KIDS, SINGLE
IRA BALANCE $1,440,000
STOCKS AND MUTUAL FUNDS $2,004,000
401K $176000
CHECKING ACCT $28,000
RETIRED JUNE 2020
P.S. - COVID SUCKS!

 

Are you going to continue to live in the US? I would move to Thailand and have fun

 

How will you pay for health care at 52??

 

Please help me. 49 and can’t take it anymore.

1.45M in 401k, Roth etc. rent. No home equity.

How much do I need to retire. When can I retire? I just can’t do it anymore.

 

1.45M will yield 58,000 a year for 25 years at 4% draw down. You will run out of money at 74 if you started today. You cannot draw the monies in the IRA without penalty until you reach 59 1/2 but could possibly access the Roth cash that you contributed (not the gains) early without penalty. Unless you have other means of income or are willing to work another job until then, I don't see retirement anytime soon. You need to know exactly how much you need a month to live on in retirement. It's about expenses not current income. Once you know what your budget is, you can do the math to see how much more you will need. Health Insurance is a major killer before Medicare. Do you have an option for that because that alone will cost a fortune.

 

Thank you for your response. I don’t have a health insurance option. I guess I could pay for it monthly. But that’s like 1k a month I believe. I’ve also thought about moving out of the country. Canada and others offer free health care. I don’t mind running out of money at 74. Honestly what is there to live for at that age. It’s just survival at that point.

 

64 years old
3.2 M in 401K
400k in stocks, mutual funds and cash
Spouse has 250K in 401K
No debt

 

move to Thailand and get some hot snatch

 

you are FINE....plus by your saving all these years and not spending shows what kind of person you are. Go do something you always wanted to do. Congrats...and good Mutual Fund you own....please pass it on.

 

Age 48
IRA/401k - 4 mil
Brokerage - 2 mil
Mortgage - 1mil
Home equity - 1mil
3 kids in school.. lined up to go to college

 

61
no kids
no mortgage
will have $1100 pension
close to 5 million total saved in ira/etc.

want to retire, but don't know if I'd be bored out of my mind.

I think I totally have enough to live on but with property taxes, etc. I think I'll spend about 8 or 9 k a month. I still think I can live on that forever but am risk averse and want to put everything in stable funds due to uncertainties. Thoughts?

 

Husband has Cadillac coverage for us both until we turn 65. His is free mine is $600 a month.

 

Not on a reps salary you don't. Either a C-suite person or inherited a ton.

 

3.3M, age 64

 

47
1.1 Mil 401K/IRA
350 Wife 401K
400K after tax investments and Cash
1 about to start college
Shooting for 58

 

52
2.4 mil in 401k IRA's
6.6 mil in brokerage accounts
400k in 529 accounts for 2 kids going into college
no debt and home value of 600k
thinking of pulling the cord and move to the southest from the northeast and find part time job I enjoy

 

Are you a C suite level pharma person? These numbers Are extremely high for your age.

 

the 6.6 million in brokerage is insane. The rest is in-line and I’m 53…my brokerage is only 300k!

my guess is this guy inherited some wealth…

my buddy has a similar situation and he hasn’t worked in years. But he got stimi checks where as I did not!

 

No inheritance, just right place at the right time. I was an ortho sales rep then was given a distributorship that did very well. They eventually hired all the reps direct in the company and did away with distributors. I’m just a rep now.