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Reply to "How much to retire at age 55? We are 50"
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[quote=Anonymous][quote=Anonymous]You don’t have five million if majority is in 401k. You can’t touch it really till 59.5. Plus I am 59 now and trust me older kids are expensive. Plus there is “failure to launch” risk and possible grad school. Also early retirement really sucks. I was laid off at 57 for six months and it was just me roaming around house getting in wife’s way. I had a severance package but still nothing to do. Inflation is coming. Wait till a BIG Mac is $40 dollars, a Pizza $75 and a gallon of gas $25 dollars. [/quote] Okay Eeyore. #1. There are plenty of ways to touch your 401k/IRA before 59.5 - SEPP, Roth conversion ladder, Roth contributions, hell even an annuity although I wouldn't recommend it. #2. Forced retirement through a lay off vs early retirement by choice is extremely different. I saw my dad go through the same thing. Age discrimination is brutal in your late 50s when you get laid off but don't want to be. [/quote]
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