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Left at 49 with package and what's next?
Old 09-04-2014, 07:07 PM   #1
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Left at 49 with package and what's next?

Worked 30 years for one of the biggest company in the world..took a early retirement package......I am 50 now, with 950,000 , with health insurance at $195 a month...no debt, but no equity....I travelled all the time and whatever....my retirement was all stock and I have di verified 67% into merrill lynch. I will keep the rest in my "a" prefered stock cause of withdrawal breaks....I am single, my lone daughter don't need my inheritance .....am I ok?


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Old 09-04-2014, 07:17 PM   #2
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It would depend on how much you need to spend in a year.
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Old 09-04-2014, 08:12 PM   #3
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The health care deal takes care of one thing that many people have to worry about.

Since you say you have no equity, I assume you currently rent. So make sure you include all rental expenses in your spending budget: rent, utilities, rental insurance, etc.

Figure out your spending/expenses - including taxes.
Figure out your income sources, present and future. (SS will come online some time in the future I assume... any pensions?)
Run it through firecalc. Make note that there are extra tabs like "other income and spending". Don't forget to enter your asset allocation.

If your total spending (including taxes) works out to 3% or less of the $950k - you're probably ok. The issue is your age... you're looking at a long retirement.

As far as investments... Most people here self manage using low expense index mutual funds or ETFs. Merril Lynch isn't really known for that... so pay attention to the expenses on your current investments, and increase it appropriately when you run Firecalc.
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Old 09-05-2014, 06:24 AM   #4
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You've already had some good advice from this page and you'll get a lot more. And, I suspect you need it.

1st of all and most important, what do you want to do with the rest of your life? You've worked, traveled, probably with a nice expense account. Now you need financial advice but, more importqant, what will you do every day when you get up? At age 50 you need to think about it. Spending about 3% of approximately 1 million won't allow you to spend big and travel. So, would you like to consult, work part time, do charitable work every day? Most important is to plan how you will enjoy the future based on how you enjoy whatever you do most days.

Now on the financial side......you should consider a financial planner paid by the hour that doesn't want to sell you anything and can look over your assets. I suspect many will tell you to place most of your assets in low cost index funds and manage them yourself. I use Vanguard and Fidelity....Vanguard is the cheapest and I like them best. I read Money Mag, weekend WSJ and Barrons every issue. Now, in most cases these publications confirm my FI plan. Truthfully, I'd be concerned over FI with 1 million at your age.....but that's me....I earned good money, like to travel, and spend far more that 3% of 1 million and my SS.

You have a ton of great options. You have investments, obviously you have skills, and you have the opportunity to do whatever you would like to do.....good luck.....Enjoy your good fortune.
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Old 09-05-2014, 12:02 PM   #5
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You have a lot of homework to do, and it's entirely possible you will need to re-enter the working world. Good Luck and not matter what happens when you figure out what you need and how it get it moneywise you'll be better off then you are now.
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