JustCurious
Thinks s/he gets paid by the post
- Joined
- Sep 20, 2006
- Messages
- 1,396
This is an article from MarketWatch that published a question from a 56 year old couple that wants to retire as soon as possible.
https://www.marketwatch.com/story/w...-want-to-retire-what-should-we-do-11609257212
They have the following debts and savings...
We have about $400,000 in debt. The highest interest rate is 4.99% (on the boat). The rest is under 3%. Here’s a breakdown:
Home: $275,000
Boat (major retirement plus!): $60,000
Car: $22,000
Credit-card debt: $30,000
Our income is as follows:
$152,200 — Max 401(k) contribution of $26,000 with 3% employer + 25 cents per dollar
$10,000 — in real-estate transactions (side thing)
$20,000 — Husband’s income
Our savings combined:
$53,000 in individual retirement accounts
$75,000 in annuities – minimum payout is $1,200 at age 65
$20,000 in the 401(k) (plus employer contributions)
$35,000 in money market accounts
Total savings $178,000.
Are they delusional? Is this a serious question? (Notice they did not provide their expenses, only their income) The MarketWatch writer responded with a long discussion of retirement calculators and various issues and concludes with "I wish you the best" without saying whether the couple can retire or not.
https://www.marketwatch.com/story/w...-want-to-retire-what-should-we-do-11609257212
They have the following debts and savings...
We have about $400,000 in debt. The highest interest rate is 4.99% (on the boat). The rest is under 3%. Here’s a breakdown:
Home: $275,000
Boat (major retirement plus!): $60,000
Car: $22,000
Credit-card debt: $30,000
Our income is as follows:
$152,200 — Max 401(k) contribution of $26,000 with 3% employer + 25 cents per dollar
$10,000 — in real-estate transactions (side thing)
$20,000 — Husband’s income
Our savings combined:
$53,000 in individual retirement accounts
$75,000 in annuities – minimum payout is $1,200 at age 65
$20,000 in the 401(k) (plus employer contributions)
$35,000 in money market accounts
Total savings $178,000.
Are they delusional? Is this a serious question? (Notice they did not provide their expenses, only their income) The MarketWatch writer responded with a long discussion of retirement calculators and various issues and concludes with "I wish you the best" without saying whether the couple can retire or not.
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