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I am a 39-year-old single father of one 16-year-old son. I have $70,000 in liquid savings, $530,000 invested in individual retirement accounts and owe $210,000 on a home worth $500,000. I also owe about $20,000 on my car.I do not have a current retirement plan with my job as they do not offer one. My ultimate dream is to be able to retire by age 50, but I most likely will not be happy sitting at home and will want to work.
Check out MarketWatch’s column “Retirement Hacks” for actionable pieces of advice for your own retirement savings journey “At the core of any retirement strategy is determining cash flow needs,” Hardy said. “He will need to determine what is needed to cover fixed expenses and then what would be needed for those discretionary items .” After assessing the estimates for these expenses, you can calculate the sources of your income — your savings, any pensions, Social Security benefits and so on.
You will also be in a slightly different situation if you were to retire at age 50, because you’d have more than a decade to go until you can claim your Social Security benefits and 15 years away from Medicare coverage. Before you retire at any early age, think carefully about how you’ll pay for your medical expenses and what health insurance coverage you’ll have during that gap, such as something offered on a state insurance exchange.
“Something else to consider is where his son fits into the plan,” Fox said. Think about who would act as caretaker if an unfortunate event were to happen before he becomes an adult, and how your assets are set up so that they pass on to him if that’s what you want. Review your beneficiary designations, create a will, have a power of attorney and healthcare proxy written up on your behalf and make sure everything is exactly as you want it.
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