I am a 68 year old man who has only been working from home for a year due to the COVID-19 pandemic. I earn about $ 130,000 a year plus $ 35,000 in Social Security, and an additional $ 25,000 in capital gains from a small apartment house, and partnership interests.
I have over $ 300,000 in savings and $ 400,000 in equity in my own home. I also have about $ 835,000 in a 401 (k). The problem, which was mitigated by the pandemic, is that I love eco-travel in countries like Peru, Brazil, Africa and Belize.
Obviously, as we get older, this type of travel becomes more and more strenuous, so timing is very important. I’m seriously considering retiring, and traveling as much as I can before I can’t. My income would be up to $ 130,000 per year if I did. I feel comfortable spending $ 60,000 a year on lifestyle, plus travel.
Does retirement make sense?
Fear of Retiring, But Having Itchy Feet
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Retirement makes sense, working part-time makes sense and / or reduces your job so you can travel more. But don’t make hasty decisions about taking off on a jet plane and locking your doors before you see how the next few months are going well. We are still in the midst of a pandemic, and the coronavirus experiencing a revival in Europe and other countries, with a new mutation.
‘I don’t want to be bliss that kills. I want to make sure that you take good care of your physical and financial health, and have all the information to make an informed decision. ‘
check MarketWatch Retirement Calculator where you can enter your age, income, savings and other details to plan for your retirement. On average, retirement plan provider Fidelity Investments recommends that you save 10 times your income for retirement at age 67 in order to retire comfortably. If you are planning to travel, you can also benefit from renting a house.
I don’t want to be a killing pleasure. I want to make sure that you take good care of your physical and financial health, and have all the information to make an informed decision. A 65-year-old man will need $ 72,000 to have a 50% chance of saving enough to cover their health care costs in retirement in 2016, according to the Employee Benefit Research Institute (EBRI). report.
Ultimately, one of the reasons you work for years (assuming you enjoy it) is to contribute to society, but also enjoy a tangible rest so that you can do what makes you happy. Only you can sit back and look at your income and expenses when you retire, and I recommend that you do that with a financial planner. Can you retire? Yes. Do you deserve it? Yes again.
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