Reply to How much to retire in late 50's?

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[quote=Anonymous][quote=Anonymous]You can't withdraw money from an IRA until you are 59 1/2. I'm not sure if its the same for a 401K.
Health Insurance on your own can be very expensive - $15,000-$25,000 a year
Taking SS at age 62 significantly reduce what you can get at age 69, but you do get use of the money earlier.
I'd work a few more years to build savings plus keep health benefits going until I can go on Cobra prior to SS. If you like your jobs and are in good health a few more years will not be costly.[/quote]
RE: social security. It depends. You have to do the math. If by taking ss early you are able to earn more in interest in your retirement account to more than cover the difference between taking ss at 62 vs 65, then it's better to take the ss.

OP, I'm thinking you might need a new financial planner.

You should definitely be able to retire in your late 50's with 3.5 million.  Don't forget.. you can start withdrawing starting from 59 1/2.  Your financial planner should be able to model the spend down up to when you are 100.   Our financial planner did this for us.

You will also eventually qualify for medicare, which will reduce your healthcare costs.  We have private care now, and it's about $1500 for 4, albeit a high deductible plan.

We are planning to retire with 2.5 million. Our current living expense is about the same as your's, and our kids won't leave for college for another 8 years or so.[/quote]

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