Retirment question

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Retirment question

Post by hollyj67 » Wed Jul 04, 2018 6:26 am

Hello, my husband is 53 and is thinking about retiring after working in a factory for 29 yeas. You can retire from there after 25. He has about 750,000 between pension and his 401K. I'm just wondering if he can even start drawing anything out at his age or if it's best to wait until he is a little older? Any tips of advice?

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Re: Retirment question

Post by IlliniDave » Wed Jul 04, 2018 8:50 am

The short answer is that there isn't a short answer to that question, in part because there is not enough information. The most important thing is what is your annual spending relative to the financial resources. Two other things that are important is your age (need the money to last the lifespan of whichever of you lives longest) and what he anticipates receiving from SS and when he plans to start it. Because of the way you worded the question I'm assuming that his retirement assets will provide most or all of the financial resources for the two of you. There will be a period of 9-17 years where the retirement savings will have to do the job by itself, then a following period of maybe 20 years or more where SS will help. Offhand I'd say if your spending is currently above $30K per year you'll want to take a pretty close look at things before he makes a jump.

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