Would you retire in this situation?

[brainsagolfer]

My traditional IRA is at 1.2 mil, but i cannot access until 59 1/2. I am 55 and I plan to retire when i have enough in my 401k to get me to 60 1/2 years old. That leaves some extra $ - just in case. My 401 k can be accessed after 55 penalty free.
So i could be 57 1/2, and have enough in the 401k to live in retirement for 3 years.

Would you do this? Reasons?

 

[Whisper66]

I wouldn't but those assets wouldn't support our lifestyle easily. The real question is whether they would support your lifestyle and needs. Take your data and run FIRECalc: A different kind of retirement calculator and let us know what your success rate is calculated. As a first cut, if it was 95% or better and you were wanting to retire, I'd say go for it.

 

[pj.mask]

Age isn't as important since you can roll part over to a separate account and 72t it. Can you live including health insurance off of 36-48k/yr?

 

[flintnational]

I wouldn't but those assets wouldn't support our lifestyle easily. The real question is whether they would support your lifestyle and needs. Take your data and run FIRECalc: A different kind of retirement calculator and let us know what your success rate is calculated. As a first cut, if it was 95% or better and you were wanting to retire, I'd say go for it.

+1

Welcome to the forum. I would not let the 72t issue drive my decision. I would base the decision on your Firecalc results and your reasons to Fire.

 

[brucethebroker]

Cash flow and expenses. Can you maintain your standard of living using your plan? Do you have a safety net (home equity, ability to work PT if needed, ability to move to lower COL area if necessary?). You can add SS at 62 to your plans, if needed.

Many have retired on less than you have. It can be done. Only you know if you can do it.

 

[38Chevy454]

Cash flow and expenses. Can you maintain your standard of living using your plan? Do you have a safety net (home equity, ability to work PT if needed, ability to move to lower COL area if necessary?). You can add SS at 62 to your plans, if needed.

Many have retired on less than you have. It can be done. Only you know if you can do it.

X2, only OP can know his budget, and the answers to these questions. IOW, not enough information to be able to answer the question.

 

[euro]

My traditional IRA is at 1.2 mil, but i cannot access until 59 1/2. I am 55 and I plan to retire when i have enough in my 401k to get me to 60 1/2 years old. That leaves some extra $ - just in case. My 401 k can be accessed after 55 penalty free.
So i could be 57 1/2, and have enough in the 401k to live in retirement for 3 years.

Would you do this? Reasons?

It's been said many times but bears repeating: the answer depends on your expenses. Get a firm grip on that and everything else will flow from there

 

[IMATERP]

Your sitting better than me, financially ... and I plan to retire at the end of this year (at age 57) or by March 2018 at the latest.

I envision that I plan to live off 30K - 36K a year for three years (my 4% WD rate) - until my blended SS and Pension kick in at age 60. Now $2.5K - 3K per month is enough for me because our house is paid off, the health premiums on my wife's plan are low and my wife and I split our joint costs.

I also have to acknowledge that my net monthly paycheck just barely exceeds $2,500 but that is after taxes are paid, 2K is contributed to the 401K, 6% goes into a Pension, etc. Once retired, the amount of monies needed for savings will minimal. Taxes will be minimal, etc.

Like the other posters have said, its all about your expenses.

Michael