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| Version | User | Scope of changes |
|---|---|---|
| Oct 17 2009, 10:09 AM EDT (current) | boutcalt | 1 photo added, 1 photo deleted |
| Oct 17 2009, 10:08 AM EDT | boutcalt | 1 word deleted, 1 photo added, 3 photos deleted |
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NEW YORK (Money) -- Question: I'm 59 years old, earn $125,000 a year and plan on working until I am eligible for full Social Security benefits. I have about $1.6 million that's invested in a number of retirement accounts (mostly tax-deferred, but I have a Roth IRA too) and I own an investment property worth about $390,000.In addition to contributing to my company's retirement savings plan, I also save another $30,000 a year. I would like to retire with the same income I have now without going over a 4 percent withdrawal rate. Is this possible, assuming I invest in a conservative equity portfolio that earns a below average return? - Jim, Saute Ste. Marie, Mich.
Answer: I never like to say that something is a totally done deal. After all, we are going through a shaky period in the economy and the markets, and a lot can happen between now and the time you retire.
Based on the information you've given me, however, it seems you've got a very good shot at achieving your goal, although I do wonder whether you'll need the same income you have now in order to enjoy retirement.
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