This is my first post and I'm asking for some help and experience. I appreciate being able to post/explain my financial status and questions w/o too many LOL's. I hope:
I'm 54 and will be 55 in March. I have a good job for my area, my income is $120 K/ year. Family is raised, no mortgage, no loans, and $ 1.55 MM invested as follows: $ 775K in self -managed investments with a moderate to good amount of capital gains, $250K in an IRA as a transfer from a previous 401k, 415 K in my current 401k, $50K combined in individual Roth's for the wife and I. The rest is in cash positions and and an annuity as explained below. My investments now are about 60/40 equities-MF/bonds and I think well invested across asset classes. We also have a bit of real estate that if sold is worth another $250K I can draw a small pension of $1500/mo (non-indexed) upon retirement. My SS has been maxed out for about 10 years. We have a moderate life style and I figure we can live very well on about $45K/yr after taxes. Work has become such a bitch I'd like to hang it up @ 55. Both of us are super healthy, but HI future costs, and SS reform are big issues.
I think we can make a retirement at 55 drawing my pension, income from these investments, and some small outside work if needed.
I would like to draw income from my $415K 401K upon retirement. Does anyone have experience using the 72T(I think) provision to transfer and draw income off this type account? How would I do it? What are there tax implications? Who should I consult?
Lastly I have a Principal annuity account which was a "transfer" from a Whole Life insurance I took out 30 years ago. It's only worth about $28 K and is invested in Fidelity Contrafund. I'll confess it was a pretty stupid investment and in spite of a good fund...it's not really appreciating. I'd like to transfer to something worthwhile. What can I do with this?
I know this is asking a lot, but any advice on my overall status and my individual questions would be much appreciated.
Thanks in advance,
Randy
I'm 54 and will be 55 in March. I have a good job for my area, my income is $120 K/ year. Family is raised, no mortgage, no loans, and $ 1.55 MM invested as follows: $ 775K in self -managed investments with a moderate to good amount of capital gains, $250K in an IRA as a transfer from a previous 401k, 415 K in my current 401k, $50K combined in individual Roth's for the wife and I. The rest is in cash positions and and an annuity as explained below. My investments now are about 60/40 equities-MF/bonds and I think well invested across asset classes. We also have a bit of real estate that if sold is worth another $250K I can draw a small pension of $1500/mo (non-indexed) upon retirement. My SS has been maxed out for about 10 years. We have a moderate life style and I figure we can live very well on about $45K/yr after taxes. Work has become such a bitch I'd like to hang it up @ 55. Both of us are super healthy, but HI future costs, and SS reform are big issues.
I think we can make a retirement at 55 drawing my pension, income from these investments, and some small outside work if needed.
I would like to draw income from my $415K 401K upon retirement. Does anyone have experience using the 72T(I think) provision to transfer and draw income off this type account? How would I do it? What are there tax implications? Who should I consult?
Lastly I have a Principal annuity account which was a "transfer" from a Whole Life insurance I took out 30 years ago. It's only worth about $28 K and is invested in Fidelity Contrafund. I'll confess it was a pretty stupid investment and in spite of a good fund...it's not really appreciating. I'd like to transfer to something worthwhile. What can I do with this?
I know this is asking a lot, but any advice on my overall status and my individual questions would be much appreciated.
Thanks in advance,
Randy