Want me to look over your numbers? You've got options. Check out the website for more information: www.approachfp.com/ Note: I do not discuss offerings, pricing, etc. in these comments. Please proceed to the website, where you can find a substantial amount of detail.
I taught for 30 years and retired at age 55. I was married for 40 years and my husband was a Federal employee. No children. We always lived beneath our means and we saved. He died 10 years ago. I have a 14 year old mortgage-free home. I have about $800k in investments. No debt. I have $70k in a “extra expenses” account for things that come up like unexpected car repairs, buying a new microwave, new refrigerator, fixing a roof leak, vacations. My income from pensions after taxes is $6242 a month. My monthly budget is as follows: Needs-$3528-56% Wants -$1728-{$20%] Save $936 [ 15%] I can’t save $936 EVERY month but most months I can. I am 76 and health is good for now but one never knows. Anyone reading this what is your opinion? Am I doing ok?
Question, I should get between 60-70k from my retirement plan and will have around 500k in the 401k plan retiring at 58. Say the 12% tax bracket cuts off at 90,000. Would I be making the right decision to draw about 20- 30k from my 401k plan at age 59 1/2 as it will still keep me in a lower tax bracket of 12%? My retirement goal is 4.5 years away for this and it’s hypothetical as I realize tax brackets fluctuate.
Want me to look over your numbers? You've got options. Check out the website for more information: www.approachfp.com/
Note: I do not discuss offerings, pricing, etc. in these comments. Please proceed to the website, where you can find a substantial amount of detail.
Extremely clear and helpful illustration. Thank you!
Thank you Justin! Appreciate the real-world thinking here.
Thanks, Justin, great job! Careful financial planning is a huge value-add when done correctly.
So detailed. Thanks for all the work invested in this video.
Great discussion about choices in a case study. Thanks.
Glad it was helpful, and thank you!
I taught for 30 years and retired at age 55. I was married for 40 years and my husband
was a Federal employee. No children. We always lived beneath our means and we saved. He died 10 years ago. I have a 14 year old mortgage-free home.
I have about $800k in investments. No debt. I have $70k in a “extra expenses” account for things that come up like unexpected car repairs, buying a new microwave, new refrigerator, fixing a roof leak, vacations.
My income from pensions after taxes is $6242 a month.
My monthly budget is as follows:
Needs-$3528-56%
Wants -$1728-{$20%]
Save $936 [ 15%]
I can’t save $936 EVERY month but most months I can. I am 76 and health is good for now but one never knows.
Anyone reading this what is your opinion? Am I doing ok?
In my unprofessional opinion , I think you are doing Fantastic .
Doing great…!
Question, I should get between 60-70k from my retirement plan and will have around 500k in the 401k plan retiring at 58. Say the 12% tax bracket cuts off at 90,000. Would I be making the right decision to draw about 20- 30k from my 401k plan at age 59 1/2 as it will still keep me in a lower tax bracket of 12%? My retirement goal is 4.5 years away for this and it’s hypothetical as I realize tax brackets fluctuate.