To determine how much you should have saved in your 401k by age, I've come with some assumptions that have encapsulated in a chart below. The goal is to accumulate as much in your 401(k) as possible to that by the time you can withdraw without penalty after age 59.5, you can live ...
Further, there just might be a healthy pension waiting for you. At the very least, you canwithdraw from your pre-tax retirement accounts penalty freeif you wish. Just make sure you do so in a way to minimize taxes. God willing, there should be another 20 years of life left to enjoy....
3. Create a sustainable withdrawal strategy Once you know the amount of income you’ll need, create a withdrawal strategy that accounts for your different income sources, your required minimum distributions (RMDs) at the appropriate age and your financial goals. While a general rule for withdrawing...
Quick – what’s the earliest age you can withdraw money from a retirement account without paying a penalty? Is it 59½? Well, if that was your answer, you are probably in the majority. That’s the general overall rule regarding withdrawal of IRA and 401(k) money. And definitely, ...
Just do the math yourself. Add theaverage Social Security paymentper person of ~$15,800 a year to a 4% withdrawal rate on $230,000. You get $25,000 a year to live happily ever after until you die. $25,000 a year is OK if you've got your house paid off and no major medical...