I'll be eligible to retire from my career at 47 and would like to have enough saved to at least have the option to do so then, but I'm having a hard time calculating how much money I'll need to bridge the gap from 47 to when I can access my 401k. Everything I've found is about how to make your money last through retirement, but I'm perfectly okay with the account hitting $0 at 59 1/2.
Details:
Pension at 47 = 35,000 (will move up each year with inflation)
Current annual spending = 63,000 (will also inflate)
Deficit = 28,000
There's the obvious, simple way of 12.5 * 28,000, but if I have $350,000 I assume I'll be earning a decent dividend to reduce my withdrawals. The actual amount I need has to be lower than that by a fair amount, right?
Thank you for any guidance you can provide!
Submitted May 05, 2019 at 08:09AM by airreturn http://bit.ly/2JhYLuc
