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Retirement discussion that I never thought I’d have.
Posted on 6/20/26 at 12:20 pm
Posted on 6/20/26 at 12:20 pm
Met with our Fidelity guy twice now. I’m 53 years old. Just cleaning stuff up. 401k is good. Had an IRA rolled over which was a DCP plan from a previous job. Another Roth IRA that I moved under fidelity. The IRA I wanted to make more aggressive. Took care of all of that.
The part that was surprising. Guy runs our numbers and projections. Says “you should be fine”. I’m paraphrasing.
I’ve never had that type of financial discussion. The ONLY smart thing I’ve ever done was continue contributing. Even if only peanuts at times. And never touched them or cashed them out or borrowed against them.
How much should I trust this guy?? Anyone telling me I’ve done something well I am suspicious of.
Other than a market collapse what can I do wrong? What can I do better? Who/what should I be reading? I always assumed I’d be that guy in a panic at 60 putting everything possible into my 401k. This advisor is basically telling me nah. I can play around a bit. But basically don’t do anything. Just keep doing what I am doing??
The part that was surprising. Guy runs our numbers and projections. Says “you should be fine”. I’m paraphrasing.
I’ve never had that type of financial discussion. The ONLY smart thing I’ve ever done was continue contributing. Even if only peanuts at times. And never touched them or cashed them out or borrowed against them.
How much should I trust this guy?? Anyone telling me I’ve done something well I am suspicious of.
Other than a market collapse what can I do wrong? What can I do better? Who/what should I be reading? I always assumed I’d be that guy in a panic at 60 putting everything possible into my 401k. This advisor is basically telling me nah. I can play around a bit. But basically don’t do anything. Just keep doing what I am doing??
13
Posted on 6/20/26 at 12:26 pm to LSU alum wannabe
Well the only thing we know about you is that you had a mountain of credit card debt several years ago. Did you get that fixed up too?!
WELCOME BAAAACKKK!!!!!!
WELCOME BAAAACKKK!!!!!!
Posted on 6/20/26 at 12:29 pm to LSU alum wannabe
quote:This is soo vague.
Guy runs our numbers and projections. Says “you should be fine”. I’m paraphrasing.
Spouses numbers?
Pensions?
Social security?
Lifestyle (has it changed? LOL)
I’d say y’all need 3 million to be comfortable, without knowing anything.
quote:Please humor me with what the Fidelity bro considers “aggressive”.
The IRA I wanted to make more aggressive. Took care of all of that.
quote:Respect. Well done
The ONLY smart thing I’ve ever done was continue contributing. Even if only peanuts at times. And never touched them or cashed them out or borrowed against them.
This post was edited on 6/20/26 at 12:55 pm
Posted on 6/20/26 at 12:55 pm to LSU alum wannabe
quote:
he part that was surprising. Guy runs our numbers and projections. Says “you should be fine”. I’m paraphrasing.
I would ask for more specific details. Also, plug into online retirement calculators and see if they also say you should be fine.
Posted on 6/20/26 at 1:09 pm to bayoubengals88
quote:
mountain of credit card debt several years ago. Did you get that fixed up too?!
Damn. You guys are all over that. lol
Final payments should be September. Chopped it all down to a painful but manageable amount with the Dave Ramsey snowball. Pay it off just in time to level our house foundation and buy a car.
Posted on 6/20/26 at 1:16 pm to LSU alum wannabe
Damn dude. Congrats on buckling down! Thats huge!!
More on how comfortable you can be with 3mil:
Interest and Dividends
With a $3 million portfolio, a conservative return of 3% to 5% generates between $90,000 and $150,000 annually. If the couple's spending aligns with these returns, they may be able to live off the interest and dividends without touching the $3 million principal, allowing the money to last indefinitely.
Maximizing Social Security
Most couples retiring with $3 million are also eligible to collect Social Security, which can add $30,000 to $70,000+ per year to their household income. Factoring in Social Security often reduces the needed portfolio withdrawal rate, thereby extending the life of the $3 million.
More on how comfortable you can be with 3mil:
Interest and Dividends
With a $3 million portfolio, a conservative return of 3% to 5% generates between $90,000 and $150,000 annually. If the couple's spending aligns with these returns, they may be able to live off the interest and dividends without touching the $3 million principal, allowing the money to last indefinitely.
Maximizing Social Security
Most couples retiring with $3 million are also eligible to collect Social Security, which can add $30,000 to $70,000+ per year to their household income. Factoring in Social Security often reduces the needed portfolio withdrawal rate, thereby extending the life of the $3 million.
Posted on 6/20/26 at 1:41 pm to bayoubengals88
quote:
Most couples retiring with $3 million are also eligible to collect Social Security, which can add $30,000 to $70,000+ per year to their household income. Factoring in Social Security often reduces the needed portfolio withdrawal rate, thereby extending the life of the $3 million.
Wait is there a stipulation on social security with how much you have saved for retirement?
This post was edited on 6/20/26 at 1:42 pm
Posted on 6/20/26 at 1:47 pm to Rize
quote:
Wait is there a stipulation on social security with how much you have saved for retirement?
No. That was just the middle of a response from Google.
Posted on 6/20/26 at 2:53 pm to bayoubengals88
quote:
Please humor me with what the Fidelity bro considers “aggressive”.
All I was talking about was their product on the site. You set a risk percentage you are comfortable with. Say 70/30 risky vs traditional in a portfolio.
Posted on 6/20/26 at 3:01 pm to LSU alum wannabe
You also need to plan for Health Insurance if you retire before you’re eligible for Medicare.
This post was edited on 6/20/26 at 3:39 pm
Posted on 6/20/26 at 3:26 pm to LSU alum wannabe
quote:do you need a new car?
Pay it off just in time to level our house foundation and buy a car.
Posted on 6/20/26 at 4:14 pm to LSUSports247
quote:yes
You also need to plan for Health Insurance if you retire before you’re eligible for Medicare.
I retired at 59 so I have six years gap. It is critically important to keep your AGI below the max for healthcare subsidies. Or else…
Posted on 6/20/26 at 4:17 pm to cgrand
and yes, in 2026 $3MM is the number to retire at 60. That’s for a married couple with no debt and not a lot (if any) future earnings outside of investments. If you have $3MM, and you want to, shut it down
Posted on 6/20/26 at 5:24 pm to cgrand
quote:
$3MM is the number to retire at 60
CG, is this the total amount you need in 401k, ira, brokerage, etc? Or is that the amount you need in just your brokerage account? What is the number for 55 and 50?
Posted on 6/20/26 at 6:51 pm to jafari rastaman
quote:I don’t know. $3MM was the number that got me to 90% success on all the simulations I ran for my wife and I with our preferred spending habits and our time left (I stopped it at 85). That is all investments or cash; we excluded our home because we need a place to live and we excluded any other real assets because they are only worth what someone else would pay for them.
What is the number for 55 and 50?
the single most important thing is no debt of any kind
Posted on 6/20/26 at 7:11 pm to LSU alum wannabe
Do a firecalc.
LINK
Input your numbers.
It will run many scenarios, pessimistic to optimistic. It’s a bit high level but good tool to validate your discussion with your Finance Advisor
LINK
Input your numbers.
It will run many scenarios, pessimistic to optimistic. It’s a bit high level but good tool to validate your discussion with your Finance Advisor
This post was edited on 6/20/26 at 9:45 pm
Posted on 6/20/26 at 7:17 pm to bayoubengals88
$3M should be enough for anyone to retire outside of people living in very high COL cities
Posted on 6/20/26 at 7:17 pm to cgrand
quote:
2026 $3MM is the number to retire at 60. That’s for a married couple with no debt and not a lot (if any) future earnings outside of investments. If you have $3MM, and you want to, shut it down
OP, your retirement spending (and other income such as pension, SS and their timing determines right nest egg size.
Don’t know where $3M came from. You may need less (far), again depending on your retirement expenses. It’s good to identify essential expenses (food, housing, clothes, transportation, medical, etc) and non essential (vacations, home furnishings, etc). You will want certainty that your nest egg (or pension / SS) cover essentials.
This is what that FA should be validating for you.
Firecalc is decent tool to help you validate your nest egg (with safety cushion) to line your retirement lifestyle.
Good luck!
This post was edited on 6/20/26 at 7:22 pm
Posted on 6/20/26 at 8:09 pm to cgrand
quote:Like everything else, this is entirely situation dependent. I took out a large mortgage right as I retired instead of liquidating investments to pay cash (and realize taxes at peak final full earnings year).
single most important thing is no debt of any kind
I'm content to let that 3.75% debt ride while my pension that pays the note increases with annual COLA. Meanwhile my investments are still working for me instead of tied up in home equity. My debt is also a nice inflation hedge for my long retirement horizon as an early retiree.
Point being all debt in retirement isnt bad.
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