"I am 62 years old. I've worked for the same company for over 30 years and I am ready to walk away. I have a 401(k) which, unfortunately, I was not able to invest in for 10 years due to a poor housing decision. Once I started investing, I put the maximum in for 11 years, but I am still behind. As of today, the total is $227,520."
"After my sister-in-law left me part of her IRA when she passed and, due to the market, it fluctuates between $179,000 and $182,000 week to week. I moved back in with my father about 12 years ago to help him, and I don't pay rent. There has been a reverse mortgage on the house for over 20 years. When he passes, I don't anticipate anything coming out of this house, even though it is in a very nice area of California."
"I've been working since I was 18, so I have all the credits necessary for full Social Security benefits. At this point in time, the monthly would be approximately $1,900. I have a goal roughed out wherein if I quit, I use the IRA to support myself for three years (as it is inherited, I have to spend it within 10 years) while I wait for Medicare, and hop"
The person is 62, employed at the same company over 30 years, and feels burned out from work, currently working from home. Retirement savings include a 401(k) balance of $227,520, an inherited IRA fluctuating around $179,000–$182,000, and nearly $80,000 saved over the last 12 years. The person moved back with an elderly father who holds a reverse mortgage and expects no inheritance from that home. A house in Portsmouth, Va., was purchased with the daughter on the deed and the mortgage largely covered by the daughter and roommates. Social Security eligibility is complete with an estimated benefit of about $1,900 per month. The plan is to use the inherited IRA within the required 10-year period to cover roughly three years before Medicare eligibility.
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