Originally Posted by Buckleyrw
Hello folks, hope to learn a lot here. I am 55 1/2 and would love to retire at 63.
This chart may help you visualize the retirement planning challenge. FIRECalc (link at bottom of page) is one of the better tools for modeling the numbers.
1. At 63, what will be your cash flows for the various arrows? (With a change in insurance payments at 65 for Medicare)
2. At 63, if the arrow pointing away from saved wealth back to you is active, you are "decumulating" your nest eggs. Is the rate of withdrawal sustainable over your projected life span?
No doubt a continuous prosperity, though spendthrift, is preferable to an economy thriftily moral, though lean. Nevertheless, that prosperity would seem more soundly shored if, by a saving grace, more of us had the grace to save.
Life Magazine editorial, 1956