Retirement at 54
Hello. I have worked for my company for 31 years. I have around a $400,000 pension and a separate profit sharing account that is over $800,000. I can retire and take lump sums on these and re-invest or put into something else. My question is this. I am 53 and if looking to retire at 54, what is my best way of doing this to get paid the most in retirement. I would still work somewhere else.
Terry Says
Whoa! You REALLY need a trusted financial advisor to go over your entire situation. First, you don’t want to take a lump sum — ever — if you can avoid it. You need to do a direct trustee-to-trustee rollover to keep your money growing tax-deferred for many years
Read this: Rollover Now – Terry Savage
But that’s only part of the advice you need. If you have company stock in your play, different strategies might be advisable.
It’s admirable that you want to retire at 54 — but unless you’re willing to live a very frugal lifestyle for the next 40 years, you might want to rethink that with the help of a fee-only FIDUCIARY planner who is not trying to sell you anything! Read this: Pam Krueger Wealthramp – Terry Savage
