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Old 11-29-2013, 11:50 AM
 
8 posts, read 9,257 times
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Default Can I retire at 63

I am 63 and want to retire in 2014. Have $555000. Enough?
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Old 11-29-2013, 11:55 AM
 
Location: Wherever I happen to be at the moment
1,229 posts, read 423,619 times
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Quote:
Originally Posted by Beagle Hound View Post
I am 63 and want to retire in 2014. Have $555000. Enough?
Depends!
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Old 11-29-2013, 12:07 PM
 
Location: Florida -
4,699 posts, read 3,201,951 times
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No where near enough information! - You will need to compare your assets with your liabilities and your regular income with your outflow. Simply having $555K may be MORE than enough ... OR may be far LESS than you need! (People retire with less than that every day!) If, for example, $550K is your total package, you could probably buy an immediate-pay, lifetime annuity that would pay you something in the $35K per year range ... Is that enough for you to retire on?

A few questions you need to ask yourself are: Will you immediately take SS; Do you have any (other) reliable sources of income (SS, pension, rental)?; Where will you live? (Is your house/condo paid off?); Do you have health insurance until Medicare kicks-in at 65 (what kind of health issues do you have)?; Are you single/married?; What are your regular living expenses?; Where will you invest your $550K and what is your expected rate of return?

Retirement is not rocket science -- or a blind leap of faith. If you have the 'smarts' to accumulate a $550K nest egg, you are obviously smart enough to do a little more 'math' that simply asking, "Is $550K enough to retire on?" At age 63, you will not have many avenues of return to viable employment ... if things don't work out -- So, think this thing out!

Last edited by jghorton; 11-29-2013 at 12:22 PM..
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Old 11-29-2013, 01:00 PM
Status: "Plan: Escape cold Minnesota winters, 59 months go!" (set 29 days ago)
 
Location: Woodbury, MN
571 posts, read 335,201 times
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I agree! There's almost no information given here!

Where do you live now? What is your current net worth? How much do you spend each year. What is your annual income? Do you have pension(s)? When do you plan on collecting SSI? Where do you plan on living in retirement? Are you single? Or, do you have dependents? Do you have any debts?

There are just too many variables to answer that question. If you fill in some blanks, then I think people could answer your questions. $555K might seem like enough, but it might not be enough to you, depending on your situation.
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Old 11-29-2013, 02:01 PM
 
1,454 posts, read 748,062 times
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To Hell with details, I say go for it. What could possibly go wrong?
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Old 11-29-2013, 02:27 PM
 
Location: NC
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DaveinMtAiry, your tongue must be stuck in your cheek!
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Old 11-29-2013, 02:56 PM
 
1,454 posts, read 748,062 times
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Said the same thing to a friend who was considering purchasing of a really cheap used boat.
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Old 11-29-2013, 03:02 PM
 
29,281 posts, read 25,398,627 times
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no one can possibly ever answer you .
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Old 11-29-2013, 03:12 PM
 
Location: Florida
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If your house and car is paid off and you have no other debt, why not? This is of course if you don't live in a mansion with very high taxes, expensive insurance, and high hoa fees. Even then, having over $500,000 with no debt is a good amount of money to retire with if you live a modest lifestyle.
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Old 11-29-2013, 03:20 PM
 
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More info. Wife still working combined income $95000. Will have to pay $500. Per month health insurance. She is 56 plan to work till 60. Plan to draw ss at 65 for me $1750. Per month No debt,just bought new car so good for a while. Have 80,000 for emergencies in savings. Just trying to get advice from experienced people or thoughts. Thanks!
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