Hello, folks. I'd like some perspectives regarding a discussion I had yesterday with my Vanguard advisor regarding future withdrawals from Vanguard.
In April, I'll receive my first Social Security check which will cover my set monthly expenses and very little else, especially as grocery costs mount even for me, the only one in my household. I work a couple of small gigs that are hit and miss with paychecks. This generates about $5K a year, give or take. I have no debt, a FICO score of about 838, and tend to be quite frugal. Because I'm physically quite active still, and I hear the life clock ticking, I feel I should do a few fun things now while I can, as age 62 swiftly approaches.
My Vanguard account indicates that if I have approximately $18,000 a year in various living expenses, I have a greater than 99% chance of success at age 100. Once I receive my SS, my original plan was to scale back from my average monthly withdrawal amount of $1,200 to about $500 or $600. The advisor told me that I "CAN" take up to $1,500 out per month and have the scenario PROBABLY work out, but she'd prefer to see me take out less so that I have more invested, in the game. I understand that concept, frugal and overly cautious nature I've had forever, but do you folks see an issue with withdrawing on the higher amount, at least for another year or two? At age 65, I'll have my full pension of about $500.
In the short run, I suspect I'll have about $8,000 costs for a needed fence and garage siding (thank you woodpeckers...). My car is sound, driven very modestly.
I appreciate your feedback.
In April, I'll receive my first Social Security check which will cover my set monthly expenses and very little else, especially as grocery costs mount even for me, the only one in my household. I work a couple of small gigs that are hit and miss with paychecks. This generates about $5K a year, give or take. I have no debt, a FICO score of about 838, and tend to be quite frugal. Because I'm physically quite active still, and I hear the life clock ticking, I feel I should do a few fun things now while I can, as age 62 swiftly approaches.
My Vanguard account indicates that if I have approximately $18,000 a year in various living expenses, I have a greater than 99% chance of success at age 100. Once I receive my SS, my original plan was to scale back from my average monthly withdrawal amount of $1,200 to about $500 or $600. The advisor told me that I "CAN" take up to $1,500 out per month and have the scenario PROBABLY work out, but she'd prefer to see me take out less so that I have more invested, in the game. I understand that concept, frugal and overly cautious nature I've had forever, but do you folks see an issue with withdrawing on the higher amount, at least for another year or two? At age 65, I'll have my full pension of about $500.
In the short run, I suspect I'll have about $8,000 costs for a needed fence and garage siding (thank you woodpeckers...). My car is sound, driven very modestly.
I appreciate your feedback.
