Thank you for all the welcome messages & congrats. I'm not quite familiar on financial planning. Have 2 questions on managing the existing 401K ( about $400K) with JP Morgan financial, & future withdraw rate/plans.
Untouched or rollover into something that fits my needs. Recommendations?
Without my personal present financial & family situations, it will be difficult to make recommendation. So I will keep post those info soon.
Edit 1:
Both retired.
Spouse:
Getting $2600/month from work pension with medical coverage.
62 in June 2013. Planning to take SS in 2014, estimated $1200/month.
Myself:
Taking SS full benefits $2350/month.
Will join spouse medical coverage with $180/month.
Have 3 kids,eldest son is 27, middle daughter is 25, & youngest son 21. All singles.
We have the luxury of 2 sons staying with us in bay area home, worth $680K with $295K mortgage. Monthly payment $1300/month.
The daughter is self independent working in Washington DC after graduated (in 2009) from Bucknell University, PA.
We helped her payoff the cosigned student loan $145K (2010), & her new co op house down payment $115K last year.
Spent $40K on the youngest son when he was in UCLA 2009.
So far all our kids are treated as one way street, supporting from the family.
Edit 2:
We have 2 other properties in Weed that one is renting ($1000/month), our previous vacation home presently worth $230K, with no mortgage outstanding. Late on market listing, then real estate bubble burst. Planning to put back on market later.
The other property is our retirement home 4 BR/2.5 BA (built in 2006) with additional guest cottage. The cottage is a potential renting unit, 2 Bed, 1 Bath. ($800/month)
This property has about 10 acres & with no mortgage outstanding.
Edit 3:
Hope to spend another 15 to 20 yrs at least in that property.
Will keep the bay area home for the kids convinence. It has an in-law 1 BR/1BA currently renting $1000/Month.
Planned to stay 40/60 between bay area home & Weed retirement home. It's about 285 miles apart, 4.5 hrs drive.
My retirement from work transition went smooth, with a great sent off.
Well prepared with my referral replacement senior engineer. Hands on, over view training with him for 2 weeks, then I took 6 1/2 weeks of PTO vacation. After PTO, back to work 2 days for HR exit process, & retirement party. No bridges burnt.
I used to be a "Work is my second home". It's time to adjust the new environment now.
Edit 4:
Back to finance:
1. Prudential, Annuity (Variable) $600K with 2 accounts. Recommended by a friend, sale agent in 2008.
Highest Daily Lifetime Seven with 6% bonus (started in 5/2008), & HD Lifetime Seven with Lifetime Income Accelerator with 8% bonus (started in 9/2008).
This has gained about 60% since started.
This took me 3 long years to make it happen due to my spouse uncertainty. Spouse happiness is oneof my top priorities.
2. Fidelity Mutual fund, 401k Roll over $28K, previous job 401K.
3. JP Morgan, 401k $400K, last job 401K.
4. Cash account in MMK $100K.
5. Both have ROTH IRA, but small amount a couple thousand each.
No other loan balance, &credit cards balance except the mortgage.
The home insurance, & property tax are biting all our saving.
Recently bought a new Dodge mini van for our retirement usage.
Back to my questions.
Have 2 questions on managing the existing 401K ( about $400K) with JP Morgan financial, & future withdraw rate/plans.
Untouched or rollover into something that fits my needs. Recommendations?
The friend sale agent has recommended to split the JP Morgan, 401k $400K into 2 funds & cash out some ($50K in 2014), 1) American Funds ($150K), & 2) Allianz annuity with 6% bonus ($200K).
We haven't agreed yet.
Question #1 - Recommendation on JP Morgan, 401k $400K.
Question #2 - With the above finance info, our future withdraw rate/plans on all accounts.
I tried FIRECalc, looks OK I think, not so sure.
