• Question
  • when should I retire?

    Asked by someone from Sanford, NC on 9/23/2018

    I'm 62yrs old. No savings or 401k. Owe $48k mortgage plus about $10k on auto. Total gross income/yr = $67k. Wife is unable to work but does not qualify for disability. When can I afford to retire?

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

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Hi,

    The good news is you have a reasonable income.

    I'm not able to provide financial advice at this time, but my high level thoughts are:
    1) Create a retirement plan
    2) Start saving - ideally 25% or more of your income
    3) Explore options for investing efficiently - create a 401K and IRA and build a low cost, well diversified portfolio
    4) Maximize your Social Security opportunity (delay it as long as possible)
    5) Explore ways to significantly cut your expenses
    6) Explore getting help from a financial advisor who is a fiduciary and can help you execute your plan

    It may seem challenging, but if you work and save diligently until you are 70 - you will hopefully find yourself in a much better financial situation.

    Good luck!

  • Login to rate this answer:   Answered on 9/24/2018
**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.