DayDreaming
Full time employment: Posting here.
- Joined
- Jan 19, 2008
- Messages
- 848
Does this sound like a reasonable plan, particularly where I split my funds mainly between Fidelity and Vanguard, and set the AA differently for each?
age: 47, single, no debt
need about $35k / year to live on
Hoping to retire sometime this year.
current savings:
I also earn a small income from painting (landscapes) - something I intend to do even more of in retirement. But I don't want to figure that income into my plans. If I do well, great. If not, I don't want it to be a financial worry. (The art world can be very fickle).
So, to allocate my savings for my golden years:
Move my 560k Fidelity 401k into an IRA at Fidelity, AA set for growth (80/20?) since I won't need to touch this for some time.
Move Ameriprise and PNC Investements to Vanguard, giving me 272k there. AA set conservative (60/40?) because this is what I live on for the next 7 years, plus the 110k CDs and savings
age 48 to 55: living expenses come from CDs and Vanguard account. I'd be paying my own individual health insurance.
age 55: possibly start taking my pension as single life annuity. (Or I might wait until 60.) Also, my 'enhanced retirement benefits' entitle me to company subsidized health care, so I'd investigate this and see if it's the best option for me.
age 67 onward: I'd have my pension + SS + Fidelity IRA which should have been untouched at this point. And there's also that Ameriprise annuity sitting out there.
I'm still doing a lot of reading on investments, but I think I'm in good shape in the long run, with room to splurge once one a while. As long as I don't screw something up in that age 48 to 55 period. Comments?
age: 47, single, no debt
need about $35k / year to live on
Hoping to retire sometime this year.
current savings:
- 560k in a Fidelity 401k of pre-tax and after-tax $$
- 60k Ameriprise annuity
- 240k MFs at Ameriprise which I am moving to Vanguard
- 22k PNC Investements account which I'll move to Vanguard
- 10k Vanguard account that I just started
- 110k CDs and savings
- age 60: 53k/year or 644k lump sum
- age 55: 42k/year of 556k lump sum
I also earn a small income from painting (landscapes) - something I intend to do even more of in retirement. But I don't want to figure that income into my plans. If I do well, great. If not, I don't want it to be a financial worry. (The art world can be very fickle).
So, to allocate my savings for my golden years:
Move my 560k Fidelity 401k into an IRA at Fidelity, AA set for growth (80/20?) since I won't need to touch this for some time.
Move Ameriprise and PNC Investements to Vanguard, giving me 272k there. AA set conservative (60/40?) because this is what I live on for the next 7 years, plus the 110k CDs and savings
age 48 to 55: living expenses come from CDs and Vanguard account. I'd be paying my own individual health insurance.
age 55: possibly start taking my pension as single life annuity. (Or I might wait until 60.) Also, my 'enhanced retirement benefits' entitle me to company subsidized health care, so I'd investigate this and see if it's the best option for me.
age 67 onward: I'd have my pension + SS + Fidelity IRA which should have been untouched at this point. And there's also that Ameriprise annuity sitting out there.
I'm still doing a lot of reading on investments, but I think I'm in good shape in the long run, with room to splurge once one a while. As long as I don't screw something up in that age 48 to 55 period. Comments?