Hi,
I want to retire - yesterday. I am 61. I have 1.2m in 401k, savings etc. About 65/35 stocks/bonds. FireCalc shows I can withdraw 70k/year with 100% success. This is more than I need for expenses. I am really afraid of giving up 125K/yr salary. I am afraid savings will fall as fast as they rose.
My questions are: how trustworthy is the calculation provided by FireCalc? Is a financial advisor at .75 - 1 % worth it? How has your experience been giving up steady income for probable income? Any advice on withdrawal strategies? For example, should I sell stock I am overweight on and keep household income below 80k to avoid capital gains? They have been high performers and are expected to continue to be so. Or sell bonds and rebalance stock funds to bond funds?
I know... lots of questions. My mind has been spinning for months. Appreciate any thoughts.
I want to retire - yesterday. I am 61. I have 1.2m in 401k, savings etc. About 65/35 stocks/bonds. FireCalc shows I can withdraw 70k/year with 100% success. This is more than I need for expenses. I am really afraid of giving up 125K/yr salary. I am afraid savings will fall as fast as they rose.
My questions are: how trustworthy is the calculation provided by FireCalc? Is a financial advisor at .75 - 1 % worth it? How has your experience been giving up steady income for probable income? Any advice on withdrawal strategies? For example, should I sell stock I am overweight on and keep household income below 80k to avoid capital gains? They have been high performers and are expected to continue to be so. Or sell bonds and rebalance stock funds to bond funds?
I know... lots of questions. My mind has been spinning for months. Appreciate any thoughts.