I’m 53, have $1.4 million in my 401(k), $150,000 in savings and my home is paid off. Can I afford to retire?

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She also plans to travel the world for a few years

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I am a 53-year-old woman who is looking to retire within the next 18 months. I currently have a home that is paid for, which I plan to use as a home base. Outside of that home, my assets are $150,000 in cash savings and $1.4 million in my 401. I plan to travel most of the year outside of the U.S. for the first three years of my retirement.

You, of course, have significantly more than $1 million — but you also hope to retire pretty early. So I turned to experts to get their thoughts on whether you “have enough to retire and live the life [you’re] dreaming of.”“From a math perspective, yes, you can live the life you are dreaming of,” says Mitchell Hockenbury, a certified financial planner at 1440 Financial Partners in Kansas City, Mo. — but with a major caveat: “I say math perspective because life isn’t always so clean.

“Presumably, you want to do so until you can take Social Security and then reduce the amount you are pulling from the 401. Let’s say the 401 maintains the current value of $1.4 million . The rule of thumb is you can pull 4% as a safe withdrawal rate — that equals $56,000 pretax. Take out the taxes and it puts you ahead of your $30,000 [a year] spending target,” explains Hockenbury. “So the math works, but we are not looking at risk, or adjustments to lifestyle.

Hockenbury says you should think about these, and other, questions when determining whether you can really live the life you are hoping to: Is there anyone you might need to support? How will you afford things like a long-term-care event, health insurance or medical issues? How did you calculate your $30,000-a-year living costs and will this amount work not only when you are traveling but also when you return to the states to live? This guide from investment firm BlackRock can help you figure...

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Yes you can retire on Maui and live in your van if your investments generate $20K per year. VanLife Retirement Maui Bitcoin

1. Has he calculated 401k fees? 2. Are they even sure they have access to the funds? 3. Is the employer still solvent? 4. Yes in Honduras. 5. You can wait till the FED cuts rates again next month, put it all in the bank and earn $12,000/yr int.

At 53, you are probably at peak earnings. Every extra year worked it money saved and not spent. I would keep going.

Convert your 401k as self directing and then do investments in real estate, all net profits go back to the 401K, it is a faster way to increase your retirement money.

Yes.

Depends on where you live and how you live. It should be very easy to live off 150k if you invest it into dividend stocks and live off dividends until you get to retirement age to start using your 401k. So really depends how you are as a person.

No. Absolutely not. Get back to work bitch.

Blame Donald for losing $?

No

No, gotta hustle 'til the haters ask if you're hiring. Pull up in a Civic, pull off in a Lambo.

With the Fed all his savings will be worthless within a few years.

If he buys some Bitcoin maybe.

You can retire with $400k and a house paid off. All about lifestyle.

Unless this dude owns gold/ Bonds then it’s $1.18 now.

If you don’t care about healthcare then yes

Yes

NO. not after this week

Stupid questions by stupid people. Theyve been in the system so long told what to do all thier lives they get near the end and are befuddled.

Retiring is for pussies. heavylifting

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$1,550,000 retirement nest egg [this was adjusted for investment growth] each year....OLOL what about investment shrinkage?

These retirement questions are annoying. Nobody cares

Depends how you want to live

No you don’t

No, keep working debt slave!

Maybe if you expatriate to Thailand

Only if you plan to NEVER have a serious health crisis until age 65 or older ..... and make sure to keep driving your current car for next 15 years or so ..... hope you will NOT be traveling alot ....

Not after this week.

This should be a relatively easy answer.

1.4million Tesla st

No - especially if you’re are not a sophisticated investor

You HAD $1.4 million.

If you live for another 30 years, you’d have an annual budget of $46k ish. Assuming no major issues with health, family needing help etc. so no, you shouldn’t be even close to considering retirement. However, you could look at a simple business/franchise that could supplement...

If you live on cat food, then yes.

Yea. In Oklahoma

Might wanna DBL check that 401k boomer

Is the 401k still 1.4m after this week?

Yes handsomely. Just not the way Americans are taught or advised on by those who need you to keep your money in the ponzi scheme.

No

Yes you can - not the same way you live now though

depends on you want to live homeboy

Keep working

You have about 1.2m now 😂

Yes

The answer is probably not but depends on cost of living in your area and what's your healthcare situation for the rest of your life.

It’s sad that this is so desperate in trolling compared to the rest of the country OR you’re so dumb and don’t know the answer yet have this financial status vs those who could figure this “problem” out 😂

If you have ALL THIS, why don’t you ask a good financial advisor? Why are you looking for cheap, free advice on Twitter? money retirement

Yes , and if you don’t want it , I will take it !!

Yeppers

Lol GFY

Yearly expenses times life expectancy that simple example $60k times 20 years = $1.2M

No.. hookers and blow are expensive

if you want to rott in front of the TV for the next 37 years. Sure.

No!!!

Nice work, but at 53, the cost of medical could really take a bite out of the nest egg. Depends on so many factors, but assume you withdraw at a 4% rate, that's only $56,000 a year. Even with social security later, that's not a super comfortable lifestyle

no. you are about 2-3 million short

Nobody can answer that question but you. What are your expenses to be, how will you keep up with inflation and how long will you live?

I am sorry but living off 2,500 per month while traveling the world is not possible. There is not enough info. Didn’t say selling home. Taxes on home. Upkeep. Home insurance. Health insurance. Travel expenses. Do not retire. You are nuts. Work to 60, don’t be a fool.

No

Barely

Sure do whatever you want...just pay your fair share of taxes. The Anti-American left is waiting 💁‍♀️💁💁‍♂️ God Bless🇺🇸

You guys know these tweets/articles are the worst, right? They are dunking fodder on fintwit

Depends on your lifestyle. If you live extravagantly $1 million will feel like poverty spread out over 30-40 years.

No, not enough

Im 53

Move the money to low risk, quit your job, travel for a year and then decide next adventure

Hi, my name is *anyone with a securities liscense and LinkedIn*, I have some Tier 1 VC pre-ipo secondaries that you may be interested in.

No but you can afford to hit my Venmo with $1,000 Alharr thx

So you really have about $800k in your 401k and the govt has $600k

YES SHOWOFF!

Nope.. The FED is going to inflate all of that money away with all of its QE and eventual MMT. You will die homeless and hungry on the California streets. I’d suggest you work for the rest of your life and possibly pick up another part time job.

It depends on: 1. Your health(long long you expect to live and your medical expenses) 2. What you are invested in and the expected return over your expected life span. 3. Your life style. If you are big on status and often buy expensive items and go on fancy vacations or not.

Depends, but I'd say no.

Its cheap to live in Mali. Go ahead. Buy a countryside house.

Most definitely, unless your plan is to live like a kardashian

The answer is no if Bernie Sanders becomes President

No body cares get a Life!

YES,

dd

Brazen bot work .. Robots

Stop bragging

Quite the 401k return

Show off!!!

Yes they could, and very easily. Use $500,000 of that 401k money to buy a $2m commercial property that brings in $5k-$10k PROFIT PM and you’re set for the rest of your life... with EXTRA savings too. Investing is magical

the Monte Carlo simulation results are in: this post is 100% clickbait

Good to go. Sell your car and you can live like a queen.

I’m jealous

If you live conservative. Buy low sell high futures baby.$$$

Yo... not yet. Wait until you can get SS so you don’t blow through your $150K in savings.

these stories are completely made up fiction

I’d say it depends on the value of the home and if they’re willing to sell it and relocate somewhere cheaper.

Looks like Trump’s economic policy paid off for your 401k...53yrs old and 1 million already....if Trump is re-elected you might get up to 2 million....but if The Dems take over....watch out for your 401k....

You are 53 and have 1.4 mil in your (401 k)? I really want to know how you made it? You scooped the bottom in 2010 & full in stocks?

If you can't, it's a sad state for America...

Only if you retire outside US. In a lower expense country.

Not yet. No.

Depends on how you want to retire.

Maybe. You can get $84k in income at 6% off 1.4 million

Using 4% rule of 1.5 million, that is 60k a year worth of income, not including taxes from that income, or stock market volatility. If you can live within those means, you should be able to. If stock market went down 50%, and you were fully invested, then thats reduced to 30k.

No,not yet. That 401K will disappear in less than 10 years. Move that $$$ to stocks with high dividends and live off a part of that dividend if its possible. Let the $$$ generate more $$$ and pass it on to your children.

The ideal wifey.

how is this clown living off 150,000 until his 401k comes due, that’s what, 12-15 yrs? lol. get back to work moron

Can you put 1.4 mill in 401(k) ?

Yes.

if you live like a pauper, and die before you’re 75, sure! lol.

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