Asked by ruben5702  |  Submitted July 25, 2017

How do I know when I have enough savings to retire?

I am 60 and I have about $175,000 in a pension with $358,000 in a 401(k). My wife receives a retirement check of $1,500 a month and she is 61.

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  Answers  |  1

July 31, 2017

Such a tough question to answer, as how much is ever "enough"?

Many factors come into play. What types of retirement vehicles have you used to amass your nest egg? Do you have tax deferred plans (401k/403b/IRA)? Brokerage accounts? Regular savings? Cash value life insurance? Are you expecting an inheritance? Have you planned for health care and long-term care? Is your home paid off or do you rent? What are your monthly expenses? What is your life expectancy?

As you can see, it can be a daunting task for any professional to even begin to answer your question without additional information. I suggest you consult a local professional who can answer your question in detail once he has the facts. Good luck!

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