Posts by Matt Becker, CFP
Financial Advisor
Ask an Advisor: We’re 56 With $1.2 Million in Investments and Savings. Can We Afford to Withdraw $60k-$80k Per Year in Retirement?
My wife and I are both 56. We have around $1.2 million saved – approximately $450,000 in company 401(k)s, $650,000 in a managed account, and approximately $70,000 in personal stocks. We also have approximately $22,000 in savings. Our home is worth $700,000 or more and we owe $197,000 with a 3.875% interest rate. Our advisor… Read more…
Retirement
Ask an Advisor: I’m a 54-Year-Old Nurse With $1 Million in Assets and a $7k Monthly Pension. Can I Retire Now?
I’m 54 with 26 years of service as a nurse. We go by the rule of 80 (your age plus years of service = 80) on our retirement plan. It will cover my health insurance. My pension will be around $7,000 per month minus taxes. I have a combined $750,000 in a 403(b) and Roth… Read more…
Financial Advisor
Ask an Advisor: I Have $680K in a 401(k), a Monthly Pension of $1,600 and Another $150K in Cash. Can I Retire at 62?
I currently have $680,000 in a 401(k), $150,000 in savings and a pension of $1,600 per month. Can I retire at age 62? – Hieu This is a good question and the answer depends primarily on what your expenses are and how much you will collect from Social Security. What we can do here is… Read more…
Financial Advisor
Ask an Advisor: How Do I Cover $3,000 in Monthly Living Expenses? I’m 58 With $700k in Retirement Savings, But I Won’t Collect Social Security for 7 Years
I’m 58 and I have $700,000 in 401(k)s and IRAs. I have no credit card debt, no auto loan payments and no student loans. I sold my home in California and paid cash for a house in Texas, so I have no mortgage. I’m retired military and bring in about $2,200 per month after taxes.… Read more…
Financial Advisor
Ask an Advisor: When Do I Have to Take RMDs from the 401(k) That I Inherited from My Wife? She Hadn’t Turned 72
I am 74 years old (I was born Feb 2, 1948). My wife and I both worked for Aetna, but have retired and have 401(k)s from work that are with Vanguard. I received her 401(k) as a spousal inheritance and maintain it in a separate account. I plan to take RMDs on her account but… Read more…
Financial Advisor
Ask an Advisor: I’m 49 With $500k in Savings But ‘I’m Concerned’ About Retirement Income and Annuities Are ‘Too Expensive.’ What Are My Options?
I’m 49 years old and I’ve had a steady job for over 15 years now as a government contractor. I plan to retire at around 65. I have $500,000 in savings between my 401(k), IRA and individual savings accounts. I’m renting, I don’t have any debt and I have a small family of three. I’m… Read more…
Financial Advisor
Ask an Advisor: I’m Selling My House and Netting $400k to Pay Off My Retirement Home. Do I Have to Pay Capital Gains Tax?
I am selling my house and the price is $504,999. After paying off this house I will net $400,000. Do I have to pay a capital gains tax as I’m planning to pay off my retirement home with the money I netted? – Thomas The answer is solidly “it depends,” both in terms of whether… Read more…
Financial Advisor
Ask an Advisor: Is it Wise to Convert 10% of My 401(k) into a Roth IRA Each Year to Avoid Taxes and RMDs?
Is it wise to start converting my 401(k) into an IRA (and then Roth) by 10% per year in order to avoid having to claim too much income each year when converting and also avoid RMDs as much as I can? -Cathy It’s definitely smart to be thinking about this, Cathy. Systematic Roth conversions like… Read more…
Financial Advisor
Ask an Advisor: I’m 73 and My 401(k) ‘Hasn’t Been Doing Well.’ Should I Withdraw My Money and Invest in CDs?
I’m 73 and my 401(k) hasn’t been doing well for the last few years. Would it be a good idea for me to withdraw my money from my 401(k) and pay the tax that I will have to pay eventually anyway, and then invest the rest of my money in CDs? -Archie Your desire for… Read more…
Financial Advisor
Ask an Advisor: I’m 61 With $900k in My 401(k) and $800K Sitting in a Money Market Account. How Should I Invest?
I have $800,000 sitting in a money market account because I don’t know what else to do with it. My hope was that I could put it in something that can yield around 4-5% growth. I also have $900,000 in my 401(k) that is sitting in minimal-risk accounts with Vanguard. I will be turning 62… Read more…