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I'm a 68-year-old single man in good health and I plan to work until I am 70.
As of now, I have $400,000 in CDs, about $1 million in stocks, and about $1 million in my 401(k) and IRA combined.
When I retire, I will get about $4,200 in Social Security and I have $4,000 rental income.
(This can be somewhat insecure because the properties are in a hurricane state).
I live in a rental apartment in the San Francisco area.
If I stop working right now, can I retire comfortably? And does it make sense to buy a property? In pretty much any reasonable context it's safe to say you've done a good job of saving and setting yourself up for a financially secureretirement.
However, to know whether you can retire comfortably today, in two years when you're 70, or even at age 80, you need to think more specifically about the expenses you'd need to cover to maintain your desired lifestyle.
I'll explain why I say that, and hopefully do so in a way that helps you arrive at an answer.
If you need additional help evaluating whether you can afford to retire at a certain age,consider speaking with a financial advisor.
What do people mean when they ask "Can I retire comfortably?" Generally, people are asking if they can reasonably expect to be able to cover the expenses required to maintain their desired lifestyle without running out of money given the assets they have available.
There's more to be said about each of the concepts contained in that broader question, but let's focus on two parts: assets and expenses.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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