Have a question about your own retirement savings? Email us at [email protected]
I’m almost 60, my wife is 57, and I want to retire by 62. Currently, I am earning roughly $125,000 to $150,000 a year, which supports my family. My wife stopped working at age 43 to raise our child, who is now nearly 18 and has moderate-severe Autism. I have no debt and own three houses. I live in one, one is empty and one is rented. I pay a mortgage on the home I live in , and the other two are paid off. Cumulatively, they are worth on the market an estimated $2.6 million.
You and your wife have amassed a really wonderful nest egg — more than $3 million in non-real estate assets, and then the estimated $2.6 million among the three homes, as you’ve said. To a lot of people, it may sound like you’re all set to live out your lives and take care of your son, too. Although you do have the financial means to help, carefully consider how you’ll do so.
Want more actionable tips for your retirement savings journey? Read MarketWatch’s “Retirement Hacks” column I often suggest people reach out to a financial planner, who can look closely at the minute details and financial statements and make an actionable plan based on their needs and goals. I’m going to suggest that to you as well! Having a professional could really pay off, as he or she will be best able to determine how you can draw down your retirement savings in a meaningful yet efficient and tax-advantageous way.
Also see: The pandemic made everything harder: Financial strategies for people with disabilities and special needs
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NFL's Mitchell Trubisky & Wife Announce Pregnancy, 'Baby Tru!'The wife of Mitchell Trubisky just announced the couple is having a baby.
Read more »
Adele's One Night Only Concert Was Made Even More Emotional by This Special GuestAdele's One Night Only special concert, which aired Nov. 14, marked the first time her 9-year-old son, Angelo, had ever seen her perform.
Read more »
Do You Actually Need to Worry About COVID-19 Spreading in Deer?This is what we know so far.
Read more »
TV Ratings: Adele’s ‘One Night Only’ Special Reaches 9.9 Million ViewersBritish superstar Adele’s powerhouse voice reached 9.92 million listeners (and viewers) during CBS’ “Adele: One Night Only” special on Sunday night, making it the most-watch…
Read more »
Paddy McGuinness' wife Christine diagnosed with same condition as children: 'I broke down in floods of tears'Christine McGuinness health: Paddy McGuinness' wife Christine has opened up about having the same condition as their three children.
Read more »
Older U.S. workers are 'unretiring'More than 3 million Americans retired earlier than they anticipated during the pandemic --- but now some are trickling back into the labor force.
Read more »