I have $80,000 in IRAs, $30,000 in two 403(b) accounts, $18,000 in an investment account, and $65,000 in cash. Is that enough to retire on? We help out one reader:
I am a 61-year-old teacher in Missouri who plans to work 3-4 more years before retiring. Depending on what option my husband and I choose from the Public School Retirement System, we should get between $5,200 – $6,000 per month for the rest of our lives. My husband is 60 years old and has $250,000 in a combination of a Roth IRA, traditional IRA, and a pension while I have $80,000 in IRAs , $30,000 in two 403 accounts, $18,000 in an investment account, and $65,000 in cash.
“In their case, they have income sources,” said Kevin Gahagan, a certified financial planner and principal of Private Ocean Wealth Management. “Having a pension is tremendously powerful. Social Security is tremendously powerful. They have meaningful advantages because a great deal of their retirement resources are pension-related, whether that’s Social Security or an actual pension.”
For that reason, make sure you have gone over your spending and your estimated expenses again and again before you quit. List out every cost you think you’ll have in retirement, and pore over your current spending, such as analyzing your last few credit card statements.
As far as Roth accounts, those are best if you’re in a lower tax bracket now than you anticipate you’ll be in at retirement, so be careful you’re not paying more in taxes for your retirement savings than need be. Traditional IRAs, as you probably know, are taxed at withdrawal, whereas Roth accounts are pretaxed.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Changing Jobs? Don't Forget About Your 401(K) PlanIf you’re among the workers moving on to better opportunities, it’s important to remember to tend to your retirement savings account at your former employer.
Read more »
Help! My Friend Admitted to Sexual Assault.DearPrudie: He was very upset by my reaction and also implied that I am overreacting. Help!
Read more »
Church giving away gas this Saturday in Dauphin CountyThe gas is available — first come, first serve — from 8–10 a.m. in Middletown.
Read more »
2014 Camaro-Based Pontiac Trans AM Hurst Edition Is An Intriguing 650 HP Throwback | Carscoops2014 Camaro-Based Pontiac Trans AM Hurst Edition Is An Intriguing 650 HP Throwback | Carscoops carscoops
Read more »