The market and economy scares the hell out of me. I picture retiring and the retirement calculators don't work. Therefore, I am probably too conservative.
Anyway, here are my thoughts and any feedback would be appreciated.
Assets approx:
$500K Non IRA in Fidelity they manage the funds.
$700K IRA,401K Mostly Fidelity and they manage the funds. This includes about $100K CD IRA.
Will be selling my house and will clear about $700K. New house is paid for.
Money Market $300K.
Total: $2.2M
I am 61 and I want to be able to retire at any moment.
To live the way I want, I think I need about $6,500 - $7,000 / month in todays dollars. My wife is already retired.
Plan / Questions:
I am thinking of putting $800K - $900K in an annuity that has a 3% COLA. This and FICA will come close to supporting my minimum monthly needs. Then the market won't scare me as much.
The balance would be placed in a manage market account.
Questions:
1) Does this sound like a reasonable plan?
2) Do I need to split the annuity between (3) insurance companies in case something happens to one?
3) On the market portion, is it safe to keep with one company like Fidelity?
4) Should I split the market portion between (2) firms to see who manages the account better? The downside is I will be paying a higher management fee.
5) Retirement calculators seem to vary a lot. ING says I need $1.7M to yield the monthly income I need. I am over this value as shown above.
6) From what I have stated, can I retire now?
Thanks in advance.
Anyway, here are my thoughts and any feedback would be appreciated.
Assets approx:
$500K Non IRA in Fidelity they manage the funds.
$700K IRA,401K Mostly Fidelity and they manage the funds. This includes about $100K CD IRA.
Will be selling my house and will clear about $700K. New house is paid for.
Money Market $300K.
Total: $2.2M
I am 61 and I want to be able to retire at any moment.
To live the way I want, I think I need about $6,500 - $7,000 / month in todays dollars. My wife is already retired.
Plan / Questions:
I am thinking of putting $800K - $900K in an annuity that has a 3% COLA. This and FICA will come close to supporting my minimum monthly needs. Then the market won't scare me as much.
The balance would be placed in a manage market account.
Questions:
1) Does this sound like a reasonable plan?
2) Do I need to split the annuity between (3) insurance companies in case something happens to one?
3) On the market portion, is it safe to keep with one company like Fidelity?
4) Should I split the market portion between (2) firms to see who manages the account better? The downside is I will be paying a higher management fee.
5) Retirement calculators seem to vary a lot. ING says I need $1.7M to yield the monthly income I need. I am over this value as shown above.
6) From what I have stated, can I retire now?
Thanks in advance.