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Curious your thoughts. I’m 54, currently have about 500k in 401k, IRA, HSA, brokerage. At 65 my wife and I combine to get roughly $4900 monthly in SSI.
Currently saving about 40k annually and would like to retire at 59. So thinking I have to bridge the gap between 59-65 for 60k a year.
At some point will inheriting roughly 100k and will sell my camp for another 175k.
I own my 11 year old home but have car payments and anticipate more car payments when these wear out.
Every financial calculator I’ve tried say I can in fact pull this off but I’m very Leary.
ChuckIt really depends on your monthly expenses. And whether or not social security actually pays that.
Personally I’m padding things to make sure, meaning working longer.
DaisyIt might be a little lean but I hadn’t added the 100k inheritance or 175k camp sell into the calculator.
Totally doable though with what your assets will grow into plus the $4900/month SSI.
Continue to add 40k/year into investments and you’ll be fine.
TomWe are in year 5 of retirement. Thankfully we allowed 50% extra in our base expenses. Life has a way of showing you something unexpected.
We are doing well, up 40% overall, even after my wife’s unexpected cancer diagnosis, surgery and my heart issues.
Stay flexible, balanced and with a cash cushion.
Intentionality is a powerful thing. -
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