Adapting Retirement to Family Needs

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retirement planning

SmartAsset

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Business

Business & Economics

I'm a 51 Year Old Divorced Dad. I Have $780k in My 401(k) and Contribute the Maximum. Can I Retire in 10 Years?

Summary

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81% Informative

Inflation planning is particularly important with an early retirement, since you’ll live longer on a fixed income.

With a $2.7 million account, that would yield about $86,400 per year in income ( $2.2 million per year) Plan your 401(k) contributions and income for early retirement.

Consider a high-security approach with a lifetime annuity contract.

Most divorce agreements involve some amount of alimony, and many also involve shared costs.

Do you owe alimony to your ex? If so, how much and for how long? Do you have any significant, shared assets with your spouse? Do your former spouse have any claim to your 401(k)? If you make $ 31,000 per year for retirement contributions, you almost certainly make far more than $ 78,000 .

SmartAsset 's free tool matches you with up to three vetted financial advisors who serve your area.

SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions.

An emergency fund should be liquid, but a high-interest account allows you to earn compound interest.

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informal

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English

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