Guest Whjmr Posted March 10, 2000 Posted March 10, 2000 I am 55 yrs old and have a stock/bond portfolio of $2.6 million. About $1.8 million are in primarily blue chip and high quality tech stocks. The other $800 thousand is in bonds and mutual funds. I have worked 30 years in the manufacturing sector but left recently and joined a consulting firm on a contract basis part time. My wife and I have a current standard of living that requires about $125,000 annually. We have our home and cars paid for and have no outstanding debts. My wife is also 55. With my current part-time job and her teaching retirement and part-time job which will begin shortly we think we wili bring in about $55,000 annually between the two of us. At 62, a company pension and Social Security will bring in about $25,000 for me. How much can we afford to take out of our protfolio between now and 62 annually so we don't deplete it before we die? We are both in good health now. I know this is a difficult question not knowing how long we will live. Do we need to consider lowering our standard of living any? Should I consider returning to full time employment to earn an additional $40 thousand or so annually now? Some people may find it hard to believe that this has worried me a great deal, but it has. I would appreciate any advice anyone who has knowledge of retirement planning or has experienced this. Thank you.
Disco Stu Posted March 10, 2000 Posted March 10, 2000 You really need to address this type of question to a professional financial planner. While the majority of contributors to these boards are fine, upstanding citezens, free advice in this area is worth exactly what you pay for it. With the assets that you've accumulated, you owe it to yourself and your family to make an informed decision on this.
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