Should I take $ from 401K at 59? Then $ from SS at 67? (55, coverage)

[Sunaimer]

I'm 48 years old and realllly want to retire. Is it wise to retire at 59, start drawing from 401K and IRA's until I get SS, and what about health care? How much do you think I'll need in savings along with my 401K? My hub and I net approx. $6k a month, have $300K in 401K, $80K in IRAs. Have one house paid for and just built a new house that we owe $400K on, but our renters are paying our mortgage. Suggestions? Have you been through this?

[Robyn55]

Are you talking about retiring now? Or at age 59 1/2? In the case of the former - you don't have enough money. In the case of the latter - it is so far away it is impossible to say (depends what's going on with your savings and the world then). Robyn

P.S. My husband and I retired when we were about 40 (we're in our mid-60's now). With more money than you have now - a much lower cost of living in general - a better investment climate - and access to somewhat reasonably priced health care (the latter only in retrospect). And - at age 40 - we always thought that if things didn't work out - we could go back to work. The older you get - the harder it is to re-enter the job market.

[Escort Rider]

Yes, "what about health care?". That is the biggest wild card of all. The OP obviously has conderable resources for retirement at age 59, but I've never seen a health care solution which doesn't require tons of money (for paying for private insurance as one gets older but before Medicare age) unless one has employer subsidized health insurance until Medicare age. In the case of retirement at 59, that is "only" six years, but each of those six years is likely to see premiums increase substantially. We do need someone who "has been through this", and unfortunately I am not the one.

[stockproipi]

I'm 56 and healthcare insurance is the main reason that I'm still working. DW is 55 and retired a couple of years ago due to health reason so I have to work in order to have affordable insurance coverage since no insurance companies will sell us a policy due to my wife pre-existing condition and HIPPA is too expensive.