Help Me Retire: I’ll be 60, have $95,000 in cash and no debts — I think I can retire, but financial seminars ‘say otherwise’

by | Mar 10, 2023 | Stock Market

Dear MarketWatch, I will be 60 in September, have $95,000 in cash, work part time ($30,000 yearly) for insurance and contribute 10% plus the employer match of 8% to a small 401(k). My home and car are paid for, I don’t have any other debts, and I am single. I live in South Carolina where the cost of living is manageable.

I would like to start taking my Social Security at 62, (around $1,100 per month) and maybe still work part time. The job is very physical and not something I would be able to do for more than a few more years. At 64, I will have a pension of $1,900 per month. I don’t spend on anything unless it’s really needed. For example, a new roof last year. I have a potential inheritance of $300,000, but I know not to count on it as a sure thing. I think I will be fine financially, but have been to a couple financial seminars that say otherwise.  Are they truthful or just looking for a customer?  Curious George See: ‘Is my financial planner crazy?’ We’re 55 and 60, five years from retirement and were told we should invest more aggressively Dear Curious George,  Financial seminars can be a really great starting point to vet for yourself where you are in your journey to retirement, so kudos to you for attending multiple!  Just like those financial seminars, I have limited information on your financial situation so I …

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