brainsagolfer
Dryer sheet aficionado
I am a never married, no kids 55 YO. (I am looking for an answer to the last paragraph i have on this post- got long winded introducing myself in the next couple paragraphs)
I have always enjoyed the several jobs i have had, but have twice taken $$ cuts, and moved due to on the job changes. This, and getting older has really got me itching to pull the plug. i have always been a go-getter at work, and my go-getting is just plain GONE!
So.... I have about 1.1 mil in an IRA- rolled over from previous 401k's. I have taken all previous jobs pensions in lump sum and rolled into IRA also. I will have a small pension from current employer ( approx 40 k now- 50 k in 2020).
My present 401k has 115k in it, and i am contributing 25k a year (includes employer contribution).
I have 170k home loan, and will get 22k Social Sec @ 62YO.
I have done Firecalc, and several other retirement spreadsheets, and almost all say i have enough $$ to retire now- But i cannot access it without a 72t. Due to cost of healthcare and possible market downturn i plan to stick it out about 2 more years.
I still have the IRA in fairly aggressive mutual funds, figure if the market crashes i just work 4-5 more years, retire then.
IF i retire and the market dives, i can always eat beans for a year or 2 - no family to worry about. I dont WANT to do that - so i will work several more years.
My employers 401k DOES allow you to retire in the year you turn 55, and collect your 401k and pension without penalty. That right now would only be 145k, so i am NOT retiring on that $. I cannot access the IRA before 591/2, except for a 72t distribution, so i am hoping with the 50k i add in the next 2 years i can swing retirement at age 57 1/2 without the IRA $. It seems unreasonble to me that the govt will not let me access my IRA before 59 1/2 except for 72t. what if i had 2 mil in there- as a single no kids person surely that would be enough! But i would still be locked into the requirements of a 72t. I do realize the $ amounts would be enough to retire in that case, but then i would be locked into the 5 year requirement also!
Great site! I'm learning a lot.
So my ? is - If you had access to only enough $ from a 401k to finance (for sure) the last 2 years BEFORE 59 1/2 (when you can access plenty of $ for retirement) would you do it??
Thanks!
I have always enjoyed the several jobs i have had, but have twice taken $$ cuts, and moved due to on the job changes. This, and getting older has really got me itching to pull the plug. i have always been a go-getter at work, and my go-getting is just plain GONE!
So.... I have about 1.1 mil in an IRA- rolled over from previous 401k's. I have taken all previous jobs pensions in lump sum and rolled into IRA also. I will have a small pension from current employer ( approx 40 k now- 50 k in 2020).
My present 401k has 115k in it, and i am contributing 25k a year (includes employer contribution).
I have 170k home loan, and will get 22k Social Sec @ 62YO.
I have done Firecalc, and several other retirement spreadsheets, and almost all say i have enough $$ to retire now- But i cannot access it without a 72t. Due to cost of healthcare and possible market downturn i plan to stick it out about 2 more years.
I still have the IRA in fairly aggressive mutual funds, figure if the market crashes i just work 4-5 more years, retire then.
IF i retire and the market dives, i can always eat beans for a year or 2 - no family to worry about. I dont WANT to do that - so i will work several more years.
My employers 401k DOES allow you to retire in the year you turn 55, and collect your 401k and pension without penalty. That right now would only be 145k, so i am NOT retiring on that $. I cannot access the IRA before 591/2, except for a 72t distribution, so i am hoping with the 50k i add in the next 2 years i can swing retirement at age 57 1/2 without the IRA $. It seems unreasonble to me that the govt will not let me access my IRA before 59 1/2 except for 72t. what if i had 2 mil in there- as a single no kids person surely that would be enough! But i would still be locked into the requirements of a 72t. I do realize the $ amounts would be enough to retire in that case, but then i would be locked into the 5 year requirement also!
Great site! I'm learning a lot.
So my ? is - If you had access to only enough $ from a 401k to finance (for sure) the last 2 years BEFORE 59 1/2 (when you can access plenty of $ for retirement) would you do it??
Thanks!