Can I retire at 59 with my current savings and plans?

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  • #107056 Reply
    USER

      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.

      #107057 Reply
      Chuck

        It 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.

        #107058 Reply
        Daisy

          It 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.

          #107059 Reply
          Tom

            We 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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