I'm 55 with only $80,000 in the bank and only $40,000 in my 401(k). Can I ever retire?

"Unfortunately, millions of Americans are precisely in this situation, as they haven't been able to follow retirement planning to the T. A Redditor on the r/FinancialPlanning subreddit earlier this year, saying they had only $80,000 in the bank and $40,000 in their 401(k). The individual is now seeking a financial planner, which is a smart idea and almost a must at this stage. However, if you're not looking for a personalized blueprint and you want an approximation, you may benefit from reading on."

"With $120,000 in liquid assets, retirement is still not impossible. You'll have to make sacrifices, but you can get there, albeit with a delay. Let's look at the steps you can take and when you may be able to finally retire. Take stock of your financial picture A clear-eyed assessment is the foundation for any plan. It's a good idea to look beyond just savings accounts and 401(k) balances and also consider social security estimates, any pension benefits, home equity, and other assets"

Retirement remains possible with $120,000 in liquid assets, but requires sacrifices and likely a later retirement date. A comprehensive inventory of financial resources is essential, including savings, 401(k) balances, Social Security estimates, pension benefits, home equity, and expected inheritances. Many individuals underestimate total net worth, so counting all assets can materially change the outlook. Exploring lost or forgotten pension entitlements and estimating post-retirement expenses can reveal cost reductions from eliminated commuting or paid-off housing. Seeking a financial planner is advisable at this stage to create a personalized plan and optimize available resources.

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