Retirement – What to do with my 401K
I’m 64 years old and plan to retire just after I turn 65 (in 11 months). My huband an I feel comfortable with the amount achieved in my 401K, Annuity, I-bonds, future SS and Savings account. What do you recommend I do with my 401K upon retirement. My goal is to maintain my yearly “income” when my total savings is combined and divided by 20 years. Based on what we have now, divided by 20 years (more than life expectancy in my family), My husband and I will have about $25,000 more per year than we are currently making yearly. We lead simple lives and don’t travel much. We have no debt. Own our home and 3 cars.
Terry Says
This is where the services of a trusted financial advisor can be so helpful. He/she will ask questions like: What if one of you has a stroke or develops Alzheimers or dementia and needs care for years?!! Have you planned for that?
Are you delaying Social Security until age 70 to maximize benefits? Do you have an estate plan? Have you planned for teh costs of healthcare — including Part B premiums, and uncovered expenses??
Then you can make investment and withdrawal decisions based on serious evaluations, not just goals and averages. I highly recommend this process: https://www.terrysavage.com/pam-krueger-wealthramp/
AND, I;m going to post a column that would be a perfect solution for you — a new program that is even better than most financial planning tools. YOu sound like the kind of person who would be successful using it! Please watch my website in the next few days — And if you try it, let me know what you think!
