Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Just retired at 58 will soon need to manage allocation of 401k in withdrawal mode
Old 06-21-2015, 09:49 AM   #1
Confused about dryer sheets
Join Date: Jun 2015
Location: Wilmington
Posts: 1
Just retired at 58 will soon need to manage allocation of 401k in withdrawal mode

I'm at the beach having a ball, taking a year off as a test run to retirement, living off of capital gains from the sale of my prior home and downsizing. Felt quite confident investing and building wealth while I was working, making a good income and making contributions to 401k, less confident about managing it once I start making withdrawals from 401k, especially with current ZIRP? 58 years old, just over $1M in retirement plans and about $55k yearly expenses (including a small mortgage fixed 3.65%), in good health with a retiree health plan until I go on medicare but no pension. Because I have no pension would like to try to hold of on SS until age 70, perhaps file on my ex's at full retirement age and defer mine to 70 for maximum lifetime payment just in case I outlive my retirement accounts? The goal is to not outlive them so a solid allocation/withdrawal strategy will be key.

ILMfreelancer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-21-2015, 10:55 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 26,514
What is your asset allocation for the $1m in retirement plans? Have you run your situation through Firecalc? Depending on how much your SS is, I'm not sure if your are well positioned to retire now unless you have overestimated your expenses.

If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 65/35/0 AA TBD
pb4uski is online now   Reply With Quote
Old 06-21-2015, 12:24 PM   #3
Full time employment: Posting here.
old woman's Avatar
Join Date: Dec 2005
Posts: 565
You will do fine if you can trim your cost of living. Since you are 8-12 years from SS or maybe less you can plan to take say 4% plus 10K a year now then cut back after SS. I did what you plan and took half my ex's SS at FRM but it is less than $800 a month not a fortune but after 70 will get mine of about 2.5K a month. The thing to do is trim expenses to only what you really care about try to live on 40K a year or at the most 45K so you don't freak out when the markets are down.
old woman is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
How you manage 401K in Canada tmm99 FIRE and Money 6 05-08-2014 01:54 PM
Can I move some money out of a 401k /403b into a retirement accnt that I'd manage? nico08 FIRE and Money 8 02-02-2014 06:46 PM
How to psychologically switch from a "saving mode" to a "withdrawing mode". obgyn65 FIRE and Money 65 09-28-2011 04:11 PM
SEConference Expanding Soon? Real soon? mickeyd Other topics 9 08-15-2011 05:47 PM
Soon ... Very Soon Traxless Hi, I am... 10 03-26-2011 04:24 PM

» Quick Links

All times are GMT -6. The time now is 08:55 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.