I am 50 years old,I want to retire in the next five years do I ?

Question

Have enuff saved to retire in a modest life style? I will have worked for the federal gov for 30 years with a high 3 salary average of $110K and have my retirement plan in CSR which will pay me an annunity plus I now have $135K in the TSP but it will be more in 5 years I put in $20K a year now.
I have $55K in a CD ,$142K in a money market savings acct. I have $27K in a 401-K acct at an old job. I own real estate (2 homes and 11 acres of land)valued at $350K and I have $10k in US savings bonds. I have $700 dollars income a month,until 2018, from a loan I loaned a family member. I own cars and boats worth $50K , Do you think I will be able to retire at age 56 and be able to survive until I die of old age?

Answer 1

I don't care how much you have in there, the question is: Will it last long enough during your retirement years? Average life expectancy is 86-88 years old. Let's say you live to age 90. Is all this money you have going to last you for the next 35+ years?

No one can know for sure. You have take in account of rising cost of living, inflation, how much you need each month, health costs, and so on. You have to sit down with a financial advisor or a licensed professional who can do a financial need analysis on you. I got mine done for free from Primerica. Other companies charge a fee of $1000 or more to get it done.

Answer 2

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Answer 3

You probably could manage, but the big issue I don't see mentioned here is health care. Are you still covered through the federal gov't, or are you going to have to get your own policy? The cost of health insurance for a 50 year old is horribly high, and only gets worse as the years go along.

Also, you have substantial assets, but some of them aren't all that liquid. If you start taking withdrawals from your retirement plans, you're too young to avoid the 10% penalties. Also, you have your largest asset in a completely illiquid investment-real estate. It seems like you'll need to be more liquid in order to maintain some quality of life.

Good luck! I hope you can work it out!

Answer 4

Sounds to me as though you like to tell strangers what you have got, and frankly, why some fifty year-old would feel the need to come here and do that to a bunch of teens and others, is beyond me. How weird. Government jobs (of which I am VERY familiar seeing as how my spouse has a very good one), provide much information on retirement (well, at least the Government does to their own), so I don't really see the need for you to come here and ask a bunch of people. Most fifty year olds with a brain go to a financial analyst/planner, rely on the information they receive from their Government job regarding retirement, and they don't piddle around here on Yahoo with these types of questions. That would be like me asking my 23 year-old son about my and my spouse's retirement! Hate to say it, but that's what you're doing. And really, no one knows if they will die of old age or something else, so you could retire and croak the next day, or become disabled, or suffer another illness or condition in later years and use up a great deal of your money in professional care. No way to predict these things.

Answer 5

I retired @ 28. At the time everything was good and my retirement income had an equality with inflation. But, this last oil/gas hike, in my opinion, will probably cause another inflation jump. I am hanging well and turn 50 this month. A good looking 50, Ha!
I also own everything which helps. Now, it is getting time for a newer vehicle. Which I plan to pay cash, I not want to be paying interest, I want to make interest. But, I will keep my purchase in moderation, probably end up with a Kia (well, that an example) instead of a Tesla Motor Car. But, that the point I want to make. Just stay within your means and not get too flamboyant with what you want. You can still enjoy yourself, but, you have to remember to make it last too. Remember, "a happy heart is a healthy heart". So, we could both live a long time and my Doctor seems to have this in his mind for me. Good Luck on your fishing.

Answer 6

That is impossible to say. What you call a modest lifestyle could be luxurious to some people. You absolutely need to consult with an *independent* financial planner, and I stress the word independent. Don't pick one that works for an insurance company or stock broker or anyone else that is just trying to sell you something. A good financial planner is a Certified Financial Planner(CFP) and will measure how much risk you are willing to accept before recommending any course of action. They should recommend a mixture of insurance(life, health & long-term care), CD's and mutual funds. As a CPA, I have taken many courses in financial planning, but they just taught me that I don't know enough. In your case, you want a complex plan that measures everything for possibly 30 or more years. It takes time to draw up(usually a few meetings) and they will charge you a fee. One thing they are sure to recommend is long-term care(nursing home) insurance, because people are now living past the time that they can care for themselves.

Answer 7

First, you should feel good about your accomplishments. It is very difficult to create a savings plan and stick with it. I would suggest that you find a retirement calculator online and plug in the numbers.

Most calculators will ask a series of questions that will take your home, cars, children in college costs to give you an accurate understanding of where you will be at 65, 70, and so on. These calculators will show the effect of your withdrawals as you pay for your living expenses.

Keep in mind that your investments should go up, but they could go down as well. I would tend to lean on the conservative side of what the calculator tells you. As medical advancements continue to progress, we are living longer and longer.

Congrats. Hope this helps you.

Answer 8

You don't have enough money to retire.

Unless you move to Mexico after retirement your money won't last for 30 more years.

Also if you don't smoke and you are healthy there is a good chance you will survive until you are 95

It's time to make some changes.

Top 3 Answerer.

Answer 9

I would not determine my retirement based on someone's opinion on Yahoo Answers! This is a important and life changing decision. Do yourself a favor and find an investment counselor (preferably one that specializes in retirement planning). It will be worth whatever money it cost your.

Answer 10

Absolutely see an independent financial adviser.

I am also putting a link to a great choice-making tool. You have to decide which factors are most important to you, but once you do that, the tool can help with complex decisions.

The other link is just for consideration.