Need Post-Career Advice

[Marcretire]

Thanks, in advance, for your kind advice. At 52, I have left a career with $500,000 in an IRA, all of which is in the Vanguard Wellington fund, VWELX. It's unlikely I will find employment in my field and am seeking any sort of job, even if part-time. Most of my mortgage is paid off and the monthly coop maintenance fee is $350/mo. I have no credit card debt and no children. I'm not married.

I also have $150,000 cash in an ING savings account.

My question pertains to the scenario of retiring. If I were to combine the $500,000 from my IRA with the $150,000 in savings, for a total of $650,000, is a 72T distribution program a viable approach?

Thanks.

 

[Coach]

Hi Marcretire, and welcome to the forum!

The answer to your question depends on a lot of factors, with perhaps the most important being, how much do you need to live on each year?

There are many other factors in the equation as well. I'd suggest you explore FIRECalc, the retirement calculator. You'll find a link on every page. It will help you develop at least an initial answer to your question, and help you think about other important considerations.

Again, welcome!

Coach

 

[Marcretire]

Hi Marcretire, and welcome to the forum!

The answer to your question depends on a lot of factors, with perhaps the most important being, how much do you need to live on each year?

There are many other factors in the equation as well. I'd suggest you explore FIRECalc, the retirement calculator. You'll find a link on every page. It will help you develop at least an initial answer to your question, and help you think about other important considerations.

Again, welcome!

Coach

Thanks! I can live fairly comfortably on $2,000/mo.

 

[aaronc879]

Thanks! I can live fairly comfortably on $2,000/mo.

Are you including private health insurance in your $2000/mo figure?