I’m 66 years and 4 months old.
My Social Security payments start next month at $3,300 a month. I’m currently working part-time, three days per week, as a professional engineer for $95/hour for my long-time regular full-time employer of 28 years. (I want to leave this position ASAP or sooner.)
I currently have about $1.6 million in retirement accounts. My wife (60 years old) has about $600,000 in various regular and retirement accounts. We have a 16-year-old daughter at home attending high school and college in a dual enrollment program. If she stays with the program she’ll have her bachelors at 19. While in high school she takes college classes and we pay no tuition while she’s in high school.
Our monthly expenses are about $9,000-10,000 per month including health insurance for my wife and daughter. We own our modest single-family home with no mortgage. Taxes and insurance are currently about $6,000 per year. We currently have no debt, aside from an American…
2023-03-03 06:00:00
Link from www.marketwatch.com
Many individuals close to retirement age are unsure of how to proceed with their lives in regards to finances and the freedom that comes along with retirement. Many retirees wonder if it is possible to retire with a small fortune and still enjoy a comfortable lifestyle. Recently, the possibility of retiring with more than $2 million and living a life of leisure has become more attainable, as long as a retiree makes some wise financial moves.
It may be feasible for a 66-year-old to retire with $2 million in savings and then turn to golf for recreation. To reach the $2 million mark, the retiree must begin planning a few years in advance of the projected retirement date. Keeping expenses to a minimum is essential, and any extra discretionary funds should be invested in accounts that are low risk and offer a good return.
Retirees must take into account the effect of inflation on their plans. Over time, inflation can cause the value of savings to decrease, thereby making it harder to reach the $2 million target. To offset the effects of inflation, retirees can increase the amount of their contributions each year.
In addition to investing and saving, retirees should also make the most of tax-advantaged retirement plans like IRAs, 401(k)s, and annuities. These accounts allow retirees to reduce their tax burden and accumulate more wealth. Once the retiree has saved $2 million, they may begin to enjoy activities such as golf, which can further their savings by providing leisure activities that are relatively inexpensive.
With some wise financial planning and a commitment to saving, a 66-year-old retiree might be able to reach the $2 million mark and live out a comfortable retirement. This figure could provide a retiree with a lifestyle in which they are still able to enjoy activities such as golf with some financial security.