Bonds are in a Bear market.
Bonds are in a Bear market.
What about 7m@40?
Retirement question wrote:
I am starting to look seriously at retirement (recently turned 50). I have a little over two million in my 401k and am wondering when it would be safe to get out of the work world. Whs]at is the number that makes it safe?
I certainly would not feel safe retiring at age 50 with only $2 million in pre-tax dollars to my name.
ck3237 wrote:
Companies go bankrupt all.the time leaving the retirees holding the bag.
Not true. At all.
401(k)'s etc belong to the employee.
Pension Plans are guaranteed to a certain level by the PBGC and each year must have an actuarial valuation to make sure that they are being properly funded.
Remember if you retire before 59.5 years old you will pay a 10% fee on any 401k withdrawals. So retiring before that age requires other income unless you don’t mind paying the fee.
Realistically it depends what you want to do. If you can live off 60-80k per year then you can retire today and barely touch the principal. But, say, you want to take a lot of vacations then you should wait a little while.
Remember a few things wrote:
Remember if you retire before 59.5 years old you will pay a 10% fee on any 401k withdrawals.
False.
Remember a few things wrote:
Remember if you retire before 59.5 years old you will pay a 10% fee on any 401k withdrawals. So retiring before that age requires other income unless you don’t mind paying the fee.
Realistically it depends what you want to do. If you can live off 60-80k per year then you can retire today and barely touch the principal. But, say, you want to take a lot of vacations then you should wait a little while.
Not always true. In many cases the age 55 rule will apply.