I ran into this web page by accident and I have been reading them for couple months, there are a lot of smart people here so please give me some suggestion in my situation.
I am a recently widow in California, I have about 500K in his 401K still with his company mostly invest in fix income, I have 250K in my 401K and another 250K of his life insurance. I am 50 and still working but there is a possibility that I could lose my job any day, I have 2 daughters, one just start college as a freshman and one going to be a junior this fall. I don't have a mortgage but I need to help both my daughters to pay for college as they still don't qualify for financial aid. My 250K is in variable annuity at New York Life. 100K is in MM for the kids, 150K is at fidelity in various mutual funds.. My question is do I have enough money to retire if I lose my job next month? How do I maximize my earnings? I have tried FIRECALC but I don't know if it takes in to consideration of health care, car repair and such.
For many years my income is only secondary, being primary bread winner is so stressful. I know I can collect his SS at 60, but will it be enough to live comfortably for 10 years and suplemenent SS at 60. I am having a chance now to babysit my 7 years old nephew for my sister and I rather do that than go find another job.. I am too tired of working and I like to do something that I like.
Thanks again for reading and helping.
I am a recently widow in California, I have about 500K in his 401K still with his company mostly invest in fix income, I have 250K in my 401K and another 250K of his life insurance. I am 50 and still working but there is a possibility that I could lose my job any day, I have 2 daughters, one just start college as a freshman and one going to be a junior this fall. I don't have a mortgage but I need to help both my daughters to pay for college as they still don't qualify for financial aid. My 250K is in variable annuity at New York Life. 100K is in MM for the kids, 150K is at fidelity in various mutual funds.. My question is do I have enough money to retire if I lose my job next month? How do I maximize my earnings? I have tried FIRECALC but I don't know if it takes in to consideration of health care, car repair and such.
For many years my income is only secondary, being primary bread winner is so stressful. I know I can collect his SS at 60, but will it be enough to live comfortably for 10 years and suplemenent SS at 60. I am having a chance now to babysit my 7 years old nephew for my sister and I rather do that than go find another job.. I am too tired of working and I like to do something that I like.
Thanks again for reading and helping.