Timeline for Want to retire at 55, but 401(k) starts paying at 59.5 years old
Current License: CC BY-SA 3.0
9 events
| when toggle format | what | by | license | comment | |
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| Jul 21, 2015 at 17:24 | comment | added | neminem | Fair enough. I misstated, obviously it'll exist in some form. I just don't expect to get anything out of it, despite everything I put into it. I expect it will be downgraded to the point where it's only for people who would literally otherwise be, as you said, starving on the streets, so yes, it will still technically exist, just not for us. | |
| Jul 21, 2015 at 17:16 | comment | added | rhaskett | @neminem Somewhat off topic, but I will say with near certainty that social security will exist in some form in 30 years. My country is occasionally mean but not so mean as to let its seniors starve on the streets. Whether someone who has enough money to retire at 55 will (and should) still get social security is different question. | |
| Jul 21, 2015 at 17:09 | comment | added | rhaskett | @Yakk While technically correct, this doesn't mean you can't plan and set yourself up to have good outcomes in a wide variety of future circumstances. The more uncertain the future the more you should understand what can be done to meet your goals. | |
| Jul 21, 2015 at 15:19 | comment | added | neminem | If social security even still exists in 30 years, I'll be surprised. I'm about the same age, and just completely don't plan social security into any retirement estimates. | |
| Jul 21, 2015 at 14:39 | comment | added | chili555 | You may also need the additional investments outside the maxed out 401(k) to bridge the gap until the earliest date you can draw Social Security, currently age 62. | |
| Jul 21, 2015 at 13:51 | comment | added | Yakk | @scubaFun There is, in practice, no reasonable way to predict what will happen economically over the next 30 years. Compare 1890 to 1920 to 1950 to 1980 to 2010. Now, instead of picking the USA (which did, compared to the rest of the world, ridiculously well in the last 100 years), pick a random person on Earth in (say) 1920, then look at their country 30 years later. | |
| Jul 21, 2015 at 13:13 | vote | accept | scubaFun | ||
| Jul 20, 2015 at 18:37 | comment | added | scubaFun | I did not knew about the 55 exception. Then this means, in theory, I can retire at 55, and start withdrawing for the 401k right away. But as one of the links that you referenced said, maxing out the 401k does not mean I will have enough money for retirement. I will run the numbers and see. This has put me in a good direction. Thanks. | |
| Jul 20, 2015 at 17:29 | history | answered | rhaskett | CC BY-SA 3.0 |