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5 years from Retirement

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Chattguy
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5 years from Retirement  Reply with quote  

67 year old male- married-spouse 67- both in good health
We both plan to retire at 70.

Present family total income is about
60 K -total salaries
10K from house rental after expenses.
10K from SS File and suspend.

Expenses 120K mortgage on primary house.
15k on rental house.

In retirement
Income:
1.Expect about 30k each from SS.= 60k total
2. I will get pension of approx 20k
3. Rental house 10k
Total retirement income expected is 90k from 1-3 above

Expenses at 70.
100K house (paid off when we are 73) then add 14,000 to income above.

401k total - 700k

I recently transferred this 700k from my TIAA CREF account to Vanguard.
It is parked in a money market account. How should I invest?

Goals
1.- Use it as a vacation/emergency fund after 70. Max- Pull 10,000/year.

2. I would like to eventually pass it on to my 2 grown girls and 3 grandkids (1,5,6yrs)
Would Roth conversions make sense now? I can maybe do 70k a year before I reach 701/2.

Should I invest like a young investor for my kids ie. All in Index funds and no bond funds.

or should I invest a 60/40 or 70/30 mix of equities/bonds that planners say I should do at my age.
Post Sun Jan 29, 2017 10:03 pm
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oldguy
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quote:
or should I invest a 60/40 or 70/30 mix of equities/bonds


That's what we do (60/40). I've been retired for 19 yrs, a little older than you.

quote:
Should I invest like a young investor for my kids ie. All in Index funds and no bond funds.


Again - that's what we do. We have money that we'll never use in our lifetimes - we invest that mostly in the SP500 Index. for kids, g-kids.
Post Mon Jan 30, 2017 12:47 am
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CredoWealthManagement
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Great job. You are an example to all of us.

You could also consider a trust fund or low-cost, managed Individual accout in addition to a Roth IRA for the kids once you hit their contribution limit of $5,500/yr.
Post Mon Mar 20, 2017 10:42 pm
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samuel786dean
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Pension  Reply with quote  

Is it a defined contribution pension (where you pay money in and accumulate a pot) or a defined benefit where you earn a bit of future pension for every year of work? Sad
Post Thu Apr 06, 2017 5:32 am
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