• Question
  • Retirement target

    Asked by someone from Oxford, MI on 1/9/2018

    I would like to retire when I am 50. I am a veteran with healthcare benefits for life. I have $700,600.00 in my 401k and will work part time between fishing trips. Annual income needs are $55,000.00 ...I am 47 making $159,000.00 a year and save 30k annually. Please say I can go!!!

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  • Categories: Retirement Planning, How Much Do I Need?

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Hi,

    Congrats on building up a significant nest egg. You have several things in your favor:
    1) Lifetime health care - this is huge
    2) A good understanding of your income needs
    3) A history of saving money
    4) A plan to work part time in retirement
    5) A hobby that you want to pursue - this is actually really important

    https://www.newretirement.com/retirement/prepare-life-retirement-3-ways-find-meaning-purpose-stage-life/
    https://www.newretirement.com/retirement/8-skills-you-need-for-best-retirement/

    Have you built your own retirement plan on our site? It will allow you to build your own plan and model various scenarios - just click "Go to Planner" on this page: https://www.newretirement.com/retirement-calculator/retirement-planning-options.aspx

    Once you do that we can set you up with a retirement planning expert to do a no obligation review of your plan if you are interested.

  • Login to rate this answer:   Answered on 3/5/2018
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.