I’ll turn 65 in December, and I’d LOVE to retire. First, the good news:
– I’m single and have no dependents (not even a pet).
– I own a home with no mortgage in a place I love that has low living expenses.
– I have zero debt.
– I have $475,000 in savings (almost all in cash at this point). I should have $500,000 by the end of the contract I’m currently working.
– I have a very modest lifestyle and am very frugal.
– I am in good health.
Now the bad news:
– Other than anticipated Social Security (approximately $1,300/month if I wait until full retirement age, $1,200/month if I retire at 65), I have no pension or other income streams.
– I don’t have an impressive work résumé that could lead to lucrative employment in retirement.
– I do not have a long-term care insurance policy.
– I have been a hapless investor for most of my life, and am terrified of investing in the markets in the current climate.
Will I ever be able to retire? Is there some way I can make $500,000 in savings last, especially given the abysmally low interest rate environment? Both my parents passed in their early 80s so that’s the best guess I have on my longevity.
I would be very interested in hearing your feedback. Thank you for your time.
Sincerely,
MD
作者: sec2100 時間: 2020-11-27 11:03
Dear MD,
I’d like to start by congratulating you on the good news. Owning a home with no mortgage is a huge accomplishment, as is having no debt and nearly half a million dollars in savings. And, of course, it’s nice to hear you’re in good health!作者: 林聖發 時間: 2020-11-27 22:29
壞消息的部分也要想辦法，將儲蓄的錢分成一半積極投資，另一半放定存。作者: sec2100 時間: 2020-11-27 23:14