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I’m a 61-year-old flight attendant who wants to retire at 70. I’ll have a $900 per month pension and will get Social Security, but only have $150K in my 401(k). Should I get professional help?
2022 Nov 9, 8:00am 983 views 16 comments
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1
Ceffer
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2022 Nov 9, 8:03am
Ceffer
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2022 Nov 9, 8:03am
Get vaccinated and boosted and all of your retirement worries will melt away.
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🎂
WookieMan
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2022 Nov 9, 8:32am
WookieMan
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2022 Nov 9, 8:32am
How in the flying fuck do you only have $150k at 61 in a 401k??? Jesus Christ some people are dumb. On track depending on this inflation for $5-6M by 61. That's not including other business or monies we could obtain over 20 years. Not counting on it at all, but potential for $1-4M from family as well. To truly retire and enjoy it I'm guessing $10M is going to be needed for someone my age. $150k pfffft. You're fucked.
4
zzyzzx
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2022 Nov 9, 8:46am
zzyzzx
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2022 Nov 9, 8:46am
WookieMan says
I agree.
To truly retire and enjoy it I'm guessing $10M is going to be needed for someone my age.
I agree.
5
GNL
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2022 Nov 9, 8:53am
GNL
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2022 Nov 9, 8:53am
zzyzzx says
So, maybe 1% of retirees?
WookieMan says
To truly retire and enjoy it I'm guessing $10M is going to be needed for someone my age.
I agree.
So, maybe 1% of retirees?
6
clambo
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2022 Nov 9, 8:56am
Does she/he/it own a house or condo?
In 10 years the 401K can be $300k.
She can get about 6.5+ % from an immediate annuity at age 70, if she wants to turn the 401K over. This would be about $20,000/year. ($300,000 x .065)
Social security will be $2000+ per month or more.
Pension $900/month isn't too bad.
The fly in the ointment will be: 1. rent if she doesn't own a place. 2. Taxes
She's okay assuming she doesn't develop a health problem which interrupts her work and saving.
If she owns a place she can get a roommate or reverse mortgage.
In 10 years the 401K can be $300k.
She can get about 6.5+ % from an immediate annuity at age 70, if she wants to turn the 401K over. This would be about $20,000/year. ($300,000 x .065)
Social security will be $2000+ per month or more.
Pension $900/month isn't too bad.
The fly in the ointment will be: 1. rent if she doesn't own a place. 2. Taxes
She's okay assuming she doesn't develop a health problem which interrupts her work and saving.
If she owns a place she can get a roommate or reverse mortgage.
7
Ceffer
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2022 Nov 9, 8:57am
Ceffer
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2022 Nov 9, 8:57am
Welcome to the race, where wealth and devolving aging decreptitude compete with each other. Will I have enough money to fall apart in style? Caligulan Splendor is wasted on the young.
The Great Socialist Paradise will make this question moot, as it murders you out of your SS and Medicare creditor status. KILL THE CREDITORS! KILL THEM ALL!
The Great Socialist Paradise will make this question moot, as it murders you out of your SS and Medicare creditor status. KILL THE CREDITORS! KILL THEM ALL!
8
Tenpoundbass
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2022 Nov 9, 2:26pm
Tenpoundbass
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2022 Nov 9, 2:26pm
You guys are all pretending her 401K will still be worth $150K by the end of this year.
What ever you have saved up for Retirement, the 401K is the worst way to have it tied up.
The idiots should have paid the taxes on that income while they were young and could absorb it better.
By time many people retire they believe that they have $150K in their 401K but soon find out, it's more like $100K in your 401K because you're taxed the full 30% on every cent you pull out of it.
$150K in a savings account, is all yours, you don't have to give Uncle Fucker 1/3 of every withdraw.
What ever you have saved up for Retirement, the 401K is the worst way to have it tied up.
The idiots should have paid the taxes on that income while they were young and could absorb it better.
By time many people retire they believe that they have $150K in their 401K but soon find out, it's more like $100K in your 401K because you're taxed the full 30% on every cent you pull out of it.
$150K in a savings account, is all yours, you don't have to give Uncle Fucker 1/3 of every withdraw.
10
KgK one
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2022 Nov 9, 3:52pm
WookieMan says
Damn wookieman. How did you get that much in 401 k
20 k x 30 years about 600 k plus growth. so what n how are you investing 401 k to grow to be 5 million
other
Damn wookieman. How did you get that much in 401 k
20 k x 30 years about 600 k plus growth. so what n how are you investing 401 k to grow to be 5 million
11
casandra
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2022 Nov 9, 4:27pm
casandra
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2022 Nov 9, 4:27pm
Yes you are going to need professional help; and I am not talking financial. You are going to be in a mess since you are locked into todays fixed income prices. Buckle up....
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https://www.marketwatch.com/picks/im-a-61-year-old-flight-attendant-who-wants-to-retire-at-70-ill-have-a-900-per-month-pension-and-will-get-social-security-but-only-have-150k-in-my-401-k-should-i-get-professional-help-