Aiming_4_55
Thinks s/he gets paid by the post
So, I'm 47 this year and thinking about retiring when I'm 50ish, probably in 3 - 5 years, taking 6 months off, then part time or contract type work until 55 just to stay mentally sharp (concerned with dementia or other illness).
2015 and beginning of 2016, the stock market was not generous, so I looked at ImmediateAnnuities in a what if scenario. So, $250k purchase, income starting in 8 years (age 55) provide $3440/month, 10 Year Period Certain. This should cover the barebone budget. Other funds to cover discertionary activities, etc.
Is an ImmediateAnnuities that bad to leverage for years 55 to 65?
Additional details:
Family of 4, SAHM, 2 kids (9 and 8 now, 529 fully funded by 2019, not included in net worth)
Net worth at end of 2015, $3M ($1M taxed account, $1M investment real estate, $800k IRA/401k, $200k Roth)
Current annual expense is about $80-85k, but may relocate to lower cost of living in a few years.
Small pension at age 62 ($13k a year, non-col)
Eligible for SS, probably delay it until 70
2015 and beginning of 2016, the stock market was not generous, so I looked at ImmediateAnnuities in a what if scenario. So, $250k purchase, income starting in 8 years (age 55) provide $3440/month, 10 Year Period Certain. This should cover the barebone budget. Other funds to cover discertionary activities, etc.
Or, should I just do a 50/50 Wellington/Wellesley allocation and pull annually?
Is an ImmediateAnnuities that bad to leverage for years 55 to 65?
Additional details:
Family of 4, SAHM, 2 kids (9 and 8 now, 529 fully funded by 2019, not included in net worth)
Net worth at end of 2015, $3M ($1M taxed account, $1M investment real estate, $800k IRA/401k, $200k Roth)
Current annual expense is about $80-85k, but may relocate to lower cost of living in a few years.
Small pension at age 62 ($13k a year, non-col)
Eligible for SS, probably delay it until 70
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