Author Topic: Can I retire?  (Read 2654 times)

johnthomas

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Can I retire?
« on: October 24, 2013, 09:55:55 PM »
I have a 401k of $950000, owe $100k on home with a low interest rate, no other debt.  Severance from work will be about $45k....................59 1/2 years old.  You think I can make it? 

Eric

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Re: Can I retire?
« Reply #1 on: October 24, 2013, 09:59:24 PM »
You're only giving us half of the calculation.  What are your annual expenses?

seattlecyclone

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Re: Can I retire?
« Reply #2 on: October 25, 2013, 12:19:13 PM »
Yeah, it depends on your expenses. With a net worth of $850k, a withdrawal rate of 4% will cover $34k of expenses per year. Assume social security payments by the time you turn 70, and you can probably bump this spending limit up a bit. If you spend less than this, you can probably retire.

dadof4

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Re: Can I retire?
« Reply #3 on: October 25, 2013, 01:49:57 PM »
At your age, you can safely include SS in to the equation.

Diamondpick

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Re: Can I retire?
« Reply #4 on: October 26, 2013, 09:57:49 PM »
need expenses per month. will you retire or work as you want. part time work can be some extra income on the 34k/y. any other assets?

lentilman

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Re: Can I retire?
« Reply #5 on: October 26, 2013, 10:29:21 PM »
You can make it.  The only question is if you will have to restructure your life to do it.

As the other poster have said, it depends on your current expenses.  But if they are too high, it's just a matter of right-sizing your expenses and assets.