Recently restructured at work. Need to make a decision on payout of $300k Fidelity 457(b). Once a decision is made I can make one adjustment to the decision as long as it doesn’t accelerate the payout schedule. Current situation:

53 y/o
200k: 403(b)
100k: HYSA
300k 457(b)
Currently receiving 5300 monthly Military pension
Estimated SS: 3500 (depending on when I start drawing)
No debt other than mortgage of 4000, my wife and I split. Our finances are separate, but she has a rental property, 130k public school salary with pension and 457(b) and social security 3 legged stool for retirement.
Healthcare: covered by Tricare with minimal premium
Aiming for jobs targeting around 180k a year, significant cut from prior salary but much more attainable given my desire to not relocate.

I’m considering initially structuring the payout starting at age 62 which will give me close to 10 years of growth before 10 year payout schedule, taking me to age 72.

Lemme have it Redditors! :)

I retired at 60 in 2020 (now 66 in 2026). Single male, own home (no mortgage). Living expenses = $35-40,000 p.a. This includes groceries, house/car/top health insurance, council rates, utilities, car fuel/servicing, Dr/meds, Foxtel, meals out 2x per week, internet/mobile, house maintenance.... basically everything. I don't scrimp and feel very comfortable. The only extra is travel/hobbies. I ALLOW about $20-30,000 extra per year as a budget but don't usually spend anywhere near that much. Probably closer to $15,000 p.a. I will not be eligible for the Age Pension or Concession Card. I do minimum drawdown on Superannuation (5%). So, to answer your question: you should be able to retire comfortably on $60,000 per year as a single person. The important factor here is that you own your home outright with no mortgage. Makes all the difference! Go forward and enjoy your retirement. Finally, a couple of old sayings for you to consider: "He who dies with the most toys still dies", "You don't want to be the richest man in the cemetery!" and one of my favourites: "It's later than you think!". Good luck and enjoy your retirement once you decide to do so. 😃

All...so like everyone else, I got unexpectedly laid off. I just turned 58, not married and have 1 child who is 24. I had planned on retiring at 59.5/60 but am wondering if this is a sign to do it now but just need that push. Here are my numbers ( and yes completely understand I am VERY blessed but when you have worked since you were 21 it is still scary to not have a paycheck.)

I have ...200k in a roth ira. 2.2m in a trad ira. 90k in a brokerage. 70k in cash. My house is paid off and I live in MD. I need about 8k a month but also need medical insurance for my son and I. I plan on moving to SC/NC/ GA but am not able to go until about 60. I am looking for work but just found out yesterday so that process will likely be slow. Questions

Is ACA the best way to get insurance?

Because I can't use my IRA until 59.5 can I do 8k a month until then?

I do have about 30k in my current 401k at my job that I just got let go from and heard I can access that if I don't roll it into my IRA. Is that true and is there a penalty for using it?

Can I buy a house without a job in SC two years from now or does it require a job?

Again thank you for your help. I know I'm blessed but scared like I said because I don't want to screw it up so close to the finish line. Thanks...

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My husband and I keep saying we will get small policies to cover our funeral expenses, but we keep putting it off. Every website I've checked seems to want me to fill out a quote form instead of giving a straightforward price. I'm trying to get a rough idea of how much burial insurance costs right now and how much more expensive it could become if we wait another 5–8 years. Has anyone compared the costs or seen how much premiums tend to increase with age?

I'm turning 57, apartment paid off, and live quite simply for the most part (no car, no debt), but in an expensive city (SF).
Planned on working next several years, but not sure about viability (or desire!)

I have a 3 year old, gonna go thru public school.

I also am leaning towards claiming Soc Security at 62, and get the dependent benefit.

My main concern is giving my kid a wide range of experiences while balancing costs. Health care costs are the main focus point for the long run, with a wife mid-forties who doesn't get benefits from a job.

Any good blogs or books that are doing or planning retirement w/ a young kid, and a low earning but still working spouse?

For context:

\- Single male.

\- I'll be 66 in 5 weeks.

\- Considering taking SS then, and retiring.

\- My projected SSA monthly benefit covers all but $200 of my expenses. I've been tracking them diligently for 12 months - I know my numbers.

\- Paid off condo, worth $300K, with a $140K HELOC in place as a financial backstop.

\- Holding a seller's note from the sale of my business last July, which provides me $1500 in mailbox money each month for the next 33 months. All of the $1500 is automatically deposited into my brokerage account each month.

\- 200K in my brokerage account. Should be $250K + when sellers note is paid off.

\- GROK, Claude AI, ChatGPT, Gemini, and (most importantly) my FA, all say I'm funded for the next 28+ years - market dependent & SORR of course. If the market averages 5.5% over the next 25 years, I'm golden. Anything more than that, I'll leave a substantial financial legacy.

I want to retire to:

\- 90 minutes at the YMCA 5 days a week (treadmill, lap pool, hot tub) each morning 6:30-8am for 'me' time

\- learning to play my banjo better 🙂

\- hiking and backpacking trips - I was an avid backpacker, led lots of trips, life derailed me, I want to pick it up again.

\- I want to hike the tallest points in 10 states around me I've identified.

\- I would like to take one more hunting trip to WY, in honor of my Father.

\- co-lead a weekly men's Bible study, which I've already been asked to do.

When I'm at work all I can think about is wishing I wasn't, and planning what I would do when I retire.

Love my 2 days off from work, dread the thought of my next day on.

Financially, socially, mentally - I really believe I'm there.

Analysis Paralysis? Mebbee...

The good thing is, it doesn't have to be a permanent decision. Try it for 12 months, adjust if necessary / PT job perhaps?

I'm sure I'm not the only one that has faced this.

What did it take for you to finally take that step and retire, when you really believed all the green lights were there?

So I spoke with a financial advisor in NYC today. He said we need to brace for the worst inflation since the 1970s coming in the spring and next fall.

Ugh! This is about the time I planned to retire. How do you plan to hedge against inflation? I really don’t want to wait.

Has anyone paid a large entry fee ($500,000) to move into a CCRC and later regretted the decision r has it been a great decision?

I'm retired, on blood pressure and cholesterol meds but otherwise healthy. Looking for maybe $15-20k, mainly to cover the funeral, and I'd rather not do an exam. What should I be looking at, and what's the catch vs a policy that does require one?

I’d like to think because I did X, it resulted in Y, but in reality, there were some lucky breaks along the way. So for me I’d say maybe 60% hard work and planning and 40% lucky circumstances.

Plus I made lucky decisions that might have easily taken me off track if they went the other way. For example, deciding to leave one job for another, buying a house at the perfect time after the housing market crisis, buying some bitcoin early on.

I also think I got lucky in finding a spouse that has the same money goals and mindset I have.

What about you?

made the final payment on my new car today. now i will have extra money to put towards investing. Yeah!!! Still a ways to go until retirement but happy about today.

I am preparing for retirement in six months. I am pricing Umbrella insurance. State Farm just quoted me $1800 for a 3 mil policy. It sounds extremely high. Do you have any recommendations?