Can_I_Retire_Now
Dryer sheet wannabe
I am about 3 to 3.5 years from retirement. I'm not well heeled in investment strategy and don't have a sizable retirement nest egg as some of you do here. Plus, I simply don't know anything about investing, but I feel I need to do something soon.
My current situation is this..
Current holdings is $500K. Half of that is in company stock (ESOP) and the other half is 401K. Home will be payed off in 2 years or less. One son left to finish college, which should be next summer. Wife still works, although what she brings home does little more than pay for tuition for our son and fuel my addiction to working on cars). She is 8 years younger than I, so I would expect her to continue to work when I retire, but possibly at 1/2 time instead of full time - so expect 1K from her for monthly income at that time which could be used for medical insurance..
Expenses should be low for us given that all debts will be paid off and I can start drawing on SS at 63, plus maybe 4% drawdown of whatever I have in my retirement nest egg.
The issue is my current 401K account. I am 100% in stock funds and have been since 2009. The market has been good as of late but now since I'm 3+ years out from retiring, I'm concerned I'm too aggressive in the market - but I don't know what to do. (portfolio mix is 25% international, 25% growth, 25% growth and income, and I can't remember what the other 25% is - stupid me )
My asset allocation is probably wrong, so what are your recommendations? I do have the option of paying our 401K administrators a yearly fee to manage my 401K, but last time I did this when I had an IRA with Fidelity, all they did was lose me money during the 2007-2008 crisis.
I'm not savvy with investing. Lord knows I've tried to get interested, but I just don't seem to have the desire to be an informed investor. Am I doomed?
My current situation is this..
Current holdings is $500K. Half of that is in company stock (ESOP) and the other half is 401K. Home will be payed off in 2 years or less. One son left to finish college, which should be next summer. Wife still works, although what she brings home does little more than pay for tuition for our son and fuel my addiction to working on cars). She is 8 years younger than I, so I would expect her to continue to work when I retire, but possibly at 1/2 time instead of full time - so expect 1K from her for monthly income at that time which could be used for medical insurance..
Expenses should be low for us given that all debts will be paid off and I can start drawing on SS at 63, plus maybe 4% drawdown of whatever I have in my retirement nest egg.
The issue is my current 401K account. I am 100% in stock funds and have been since 2009. The market has been good as of late but now since I'm 3+ years out from retiring, I'm concerned I'm too aggressive in the market - but I don't know what to do. (portfolio mix is 25% international, 25% growth, 25% growth and income, and I can't remember what the other 25% is - stupid me )
My asset allocation is probably wrong, so what are your recommendations? I do have the option of paying our 401K administrators a yearly fee to manage my 401K, but last time I did this when I had an IRA with Fidelity, all they did was lose me money during the 2007-2008 crisis.
I'm not savvy with investing. Lord knows I've tried to get interested, but I just don't seem to have the desire to be an informed investor. Am I doomed?
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