I think a lot of people in our age group are wondering the same thing. With $1.2 million, you’re in a solid position, but it’s all about how you manage that money over the next seven years.
Thanks for your insight! You're absolutely right - having $1.2 million is a great start, but managing it wisely over the next few years is key. It's all about making strategic decisions that fit your goals, lifestyle, and risk tolerance. If you're looking for guidance on how to make the most of your savings, consider consulting with a financial advisor like Howard Bailey Financial (info@howardbailey.com). Planning ahead can make a big difference!
I’ve been researching how to maximize my savings and investments to ensure a steady income in retirement. The key seems to be striking the right balance between growth and safety as we get closer to retirement.
At 55, I've still got a good seven years to let my investments grow. But it’s also time to start thinking about de-risking a portion of that $2 million to make sure i don’t lose too much if the market takes a downturn.
Absolutely. I think one of the smartest moves is to look into annuities that can provide a guaranteed income stream. That way, you’re not solely dependent on the market’s performance. You could also consider dividend-paying stocks or real estate investments to diversify your income sources.
Don’t forget about Social Security, either. If you can delay taking it until 67 or even 70, you’ll get a higher monthly benefit. But I know that’s easier said than done, especially if you want to retire at 62.
One of the many keys is striking the balance between growth and income, but for most it can be challenging to even get into the mindset of generating income. What kind of tools are you thinking will make it into your retirement strategy?
I think a lot of people in our age group are wondering the same thing. With $1.2 million, you’re in a solid position, but it’s all about how you manage that money over the next seven years.
Thanks for your insight! You're absolutely right - having $1.2 million is a great start, but managing it wisely over the next few years is key. It's all about making strategic decisions that fit your goals, lifestyle, and risk tolerance. If you're looking for guidance on how to make the most of your savings, consider consulting with a financial advisor like Howard Bailey Financial (info@howardbailey.com). Planning ahead can make a big difference!
I’ve been researching how to maximize my savings and investments to ensure a steady income in retirement. The key seems to be striking the right balance between growth and safety as we get closer to retirement.
At 55, I've still got a good seven years to let my investments grow. But it’s also time to start thinking about de-risking a portion of that $2 million to make sure i don’t lose too much if the market takes a downturn.
Absolutely. I think one of the smartest moves is to look into annuities that can provide a guaranteed income stream. That way, you’re not solely dependent on the market’s performance. You could also consider dividend-paying stocks or real estate investments to diversify your income sources.
Don’t forget about Social Security, either. If you can delay taking it until 67 or even 70, you’ll get a higher monthly benefit. But I know that’s easier said than done, especially if you want to retire at 62.
One of the many keys is striking the balance between growth and income, but for most it can be challenging to even get into the mindset of generating income. What kind of tools are you thinking will make it into your retirement strategy?
If I were them I would wait to FRA to start collecting SS. 67
No how do you retire with $2,000 a month
very clear example
Glad you think so!
1.2M is nothing. Not even halfway there.
what's your target number?
@@Scott-xf5xb 7M able to retire, 10M must retire (creditor risk outweighs continue money from working).