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I am a 61-year-old female who has worked for the same financial institution since the age of 16. I will have 50 years at the company if I retire at 66. I’ve lost over $150,000 in my 401 this past year, with a current balance of $749,000. I also have an annuity that will pay approximately $800/month. I was hoping to retire at 65 or earlier if possible.
Are we on the right track? Any chance I can retire before 66 or 67? We live in California, and our current mortgage balance is about $95,000 with a house payment of $1,400 a month. Our house recently appraised at $800,000. It’s hard to say for sure if you’re on track, since we don’t know what your retirement plan was specifically and what you expect your expenses to be in retirement. That said, it sounds like you’ve very involved in your financial plans, and that’s always a significant advantage.
Don’t miss: Financial Face-Off: When is the best time to claim Social Security retirement benefits — sooner or later? Another consideration: long-term care planning. As you can see with your husband’s experience caring for an elderly parent, this type of care and planning is crucial. Aside from deciding who or how you’ll be taken care of, healthcare is increasingly expensive the older a person gets, and long-term care insurance could make a huge difference in how much you’re paying for that care.
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