[Russell]

At 50, I’m considering retiring soon. What calculations would you recommend to help me determine if I can retire early?

My wife will work for a few more years, as she’s younger and enjoys her job.

We receive $2,000 per month in passive income and have saved $490,000 in a traditional 401k and $105,000 in a ROTH.

Additionally, we’re debt-free, with our house and cars paid off.

Thank you.

[Owen]

Expenses? Even high money earners can’t retire w/out this figured into plans

[Amy]

Do a budget monthly for 6 months at least and figure out your expenses. Then figure out your income. And figure out the same numbers for after your wife will retire.

You need to factor in that she will want to eventually as well. 50 is young to retire.

Will you do a fun retirement job or anything? My experience ( as a female though) is that there isn’t enough people around to do things with. Friends are all at work basically.

You will especially find this if your spouse is still working. Hope it all works out for you anyway.

I retired at 53 due to job stress as well as a financial abity to be able to retire.

It did take a while to get used to it but really was the best thing I ever did. Good luck

[Maggie]

I would not retire for less than $1 mil especially since you’re only 50 and need your retirement money to last longer.

[Jonathan]

Lots of issues here. 1st what are your expenses? 2nd what is your spouse’s income?

3rd where do you plan on pulling money from because those accounts aren’t going to be accessible for 10 years.

[Cynthia]

What country are you from? It’s possible OP is not American and doesn’t have to worry about health insurance.

Will you be willing to move to a low cost country?

[Leung]

You’re doing great…to retire at 60-65…I don’t see being able to retire with what your have described (given your age).

Usually, I’d ask if you live in a LCOL/HCOL area, your expenses, how much your wife makes and how long she will work etc.

But what you have shared is simply not enough – you will need new(we) cars eventually, a new roof on that house, the passive income changes, etc

[Grantly]

I’m 46 and have pretty much exactly the same financial figures. I’m planning to work until at least 60.

The wild card is your health and health insurance.

I don’t think you have enough money quite yet to retire comfortably to be honest.

[John]

no bridge account? where are you going to pull from? Doesn’t look like you have anywhere near enough for an average lifestyle

[James]

You need to know how much your monthly expenses will be.

[Author]

Posts