pompanobeach
Recycles dryer sheets
- Joined
- Jun 4, 2018
- Messages
- 79
Hello Everyone.
I’d like to pick your brains on what kind of strategy I should use. I will retire soon with a pension that will provide me with $5000 per month. However, I need $7,000 per month to live as I do now. Thus, I am short $2,000 per month. I will be 62 years old in 7 years and my SS will provide me with the $2,000 I need. However for the next 7 years, I can either withdrawal the $2,000 shortfall every month from my savings of $350k at which point my nest egg will decrease by $140k or so, or I can lock my $350k for 7 years in some sort of a financial product that would provide me with the $2000 every month for the next 7 years so that at the end of the 7 years, I would still have my principal.
My $350k is in stocks now and does make about 8% per year taxable. I guess i can continue doing so and just sell stock every year. But isn’t there an easier way to do what I want to do?
Any suggestions on what I should do?
Thank you in advance.
Pompano Beach
I’d like to pick your brains on what kind of strategy I should use. I will retire soon with a pension that will provide me with $5000 per month. However, I need $7,000 per month to live as I do now. Thus, I am short $2,000 per month. I will be 62 years old in 7 years and my SS will provide me with the $2,000 I need. However for the next 7 years, I can either withdrawal the $2,000 shortfall every month from my savings of $350k at which point my nest egg will decrease by $140k or so, or I can lock my $350k for 7 years in some sort of a financial product that would provide me with the $2000 every month for the next 7 years so that at the end of the 7 years, I would still have my principal.
My $350k is in stocks now and does make about 8% per year taxable. I guess i can continue doing so and just sell stock every year. But isn’t there an easier way to do what I want to do?
Any suggestions on what I should do?
Thank you in advance.
Pompano Beach