Have a question about retirement, including where to retire? Email [email protected]
I have read a few of your HelpMeRetire inquiries, and I have a situation that I can’t seem to find much information about when I read retirement planning guides.
Assuming nothing changes in his career path, do you think I could retire now and we continue with our current expenses?See: I’m 52, won’t live past 80 and have $1.6 million. ‘I am tired of both the rat race and workplace politics.’ Should I retire?Congratulations first and foremost on having saved so much — that is quite the accomplishment!
Now, if you earn about the same, or if he earns more, there’s wiggle room for you to retire without worrying as much about the monthly bills. The other benefits to this equation: you’ve included your mortgage into your monthly expenses, your spouse’s employer offers health insurance and you are older than 59.5 years old, which means if the money is in retirement accounts in your name there are no penalty fees for withdrawing assets early.
For example, thinking about your cash flow now and for the next few decades is crucial given the age difference, said Joyce Streithorst, director of financial planning at Frisch Financial Group. “They must make sure that they are funding through both retirements,” she said.
Streithorst suggests asking yourselves a few other questions as well: Do you plan on ever downsizing your home? Would it be before the seven years are up, at your spouse’s retirement or later? If you’re thinking about doing it sooner than his retirement date, it could reduce your monthly expenditures significantly, she said.
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