RatherBeFishn
Dryer sheet aficionado
- Joined
- Aug 4, 2004
- Messages
- 28
How do you generate the income you need to live on for the upcoming year?
Here's the scenario; hubby and I will retire in 6 yrs, me 52, he 55 with about 2m in our 2 401k's. We'd like to generate about 65k/year to live on.
We'll likely roll over the 401K's to IRA's upon retirement. Now what? Do we live off of income generated by the IRA's or do we do a withdrawal every year or? I read somewhere it's good to have 3 yrs or so locked in and available in case of market changes so do we withdraw 3 yrs income up front?
Would love some input from those of you with experience. This is still pretty new to us.
Here's the scenario; hubby and I will retire in 6 yrs, me 52, he 55 with about 2m in our 2 401k's. We'd like to generate about 65k/year to live on.
We'll likely roll over the 401K's to IRA's upon retirement. Now what? Do we live off of income generated by the IRA's or do we do a withdrawal every year or? I read somewhere it's good to have 3 yrs or so locked in and available in case of market changes so do we withdraw 3 yrs income up front?
Would love some input from those of you with experience. This is still pretty new to us.