I am 50 years old,I want to retire in the next five years do I ?

Have enuff saved to retire in a modest life style? I will have worked for the federal gov for 30 years with a high 3 salary average of $110K and have my retirement plan in CSR which will pay me an annunity plus I now have $135K in the TSP but it will be more in 5 years I put in $20K a year now.
I have $55K in a CD ,$142K in a money market savings acct. I have $27K in a 401-K acct at an old job. I own real estate (2 homes and 11 acres of land)valued at $350K and I have $10k in US savings bonds. I have $700 dollars income a month,until 2018, from a loan I loaned a family member. I own cars and boats worth $50K , Do you think I will be able to retire at age 56 and be able to survive until I die of old age?

I don't care how much you have in there, the question is: Will it last long enough during your retirement years? Average life expectancy is 86-88 years old. Let's say you live to age 90. Is all this money you have going to last you for the next 35+ years?

No one can know for sure. You have take in account of rising cost of living, inflation, how much you need each month, health costs, and so on. You have to sit down with a financial advisor or a licensed professional who can do a financial need analysis on you. I got mine done for free from Primerica. Other companies charge a fee of $1000 or more to get it done.

You probably could manage, but the big issue I don't see mentioned here is health care. Are you still covered through the federal gov't, or are you going to have to get your own policy? The cost of health insurance for a 50 year old is horribly high, and only gets worse as the years go along.

Also, you have substantial assets, but some of them aren't all that liquid. If you start taking withdrawals from your retirement plans, you're too young to avoid the 10% penalties. Also, you have your largest asset in a completely illiquid investment-real estate. It seems like you'll need to be more liquid in order to maintain some quality of life.

Good luck! I hope you can work it out!

First, you should feel good about your accomplishments. It is very difficult to create a savings plan and stick with it. I would suggest that you find a retirement calculator online and plug in the numbers.

Most calculators will ask a series of questions that will take your home, cars, children in college costs to give you an accurate understanding of where you will be at 65, 70, and so on. These calculators will show the effect of your withdrawals as you pay for your living expenses.

Keep in mind that your investments should go up, but they could go down as well. I would tend to lean on the conservative side of what the calculator tells you. As medical advancements continue to progress, we are living longer and longer.

Congrats. Hope this helps you.

To be able to answer this question, we need to know about your projected expenses.

If you live in a cave and eat nuts and berries, you could live a LONG time on very little money, but if you want to travel, engage in an expensive hobby, or buy health insurance, you will need more.

You don't have give too much precise information, just a ball park figure on what your projected expenses are per year including ALL projected expenses/outflows, such as taxes on your land, maintenance for the boats, income taxes, etc.

This information is required to do some of the calculations for you. A widely used rule of thumb is 75% of your current expenses/outflows will be needed.

BUT

Ok, I did some better modeling.
Let's start with what you have given.
Missing data:
*CSR particulars
--% income replacement? (I assumed 50% of 101k or about 4600/month at retirement)
--how long eligible (I assume lifetime or about 30 years)
--growth of benefit (I assume 3%)

*Rates of return on different assets
--I assume 6% across the board, this is mostly a guess

*Which assets are taxable.
--I assumed TSP, 401K were not, but the rest were taxed at 35%

*Social Security eligible
--From what I read about CSR if you draw this, you donâ€™t get social security, if you do draw SS, you will need to draw less on your savings

*Information about probable expenses
--need to know how much income replacement you will want.

*Information on liabilities
--mortgages
--credit card debt
--loans on cars/boats
--etc

General conservative-leaning assumptions:
1) 35% marginal tax bracket now and at retirement
2) 6% annual return average

Income assets in five years:
$279,915 (tsp projection--NPV)(non taxable?)
$66,595 CD (taxable)
$171,936 money market savings account (taxable?)
$12,108 savings bonds (taxable)
$36,132 old 401k (non-taxable)
$45,487 loan/relative (NFV in 5 years at the cost of inflation, likely underestimated)
--------------------------------------
$612,173 sub-total income producing assets
+
DEFINED BENEFITS PENSION PLAN (CSR)
$1,656,000???? (Net future value at retirement, assume growth of benefit=inflation)
------------------------------
$2,268,193 VERY rough estimate of total income assets

Non-income assets
$423,785 real estate (3.9% appreciation for 5 years)
$25,000 cars/boats (note: depreciation)
-----------------------------------
$ 2,716,958 Total assets

MINUS

Liabilities:
?????

EQUALS

Net Worth

--------------------------------------...
Cash Flows at retirement

The CSR plan will give you a good % replacement income.
The remaining assets will have to make up the rest, but not much.

If one assumes 75% replacement income and the CSR makes up 50% of that, then you need about $2500 worth of monthly cash flows from your non-CSR assets.

Those assets at a return of 6% and taxed at 35% (3.9% net after tax return) will last 15 years, and you will probably live longer than that.

Tentative Ending Answer:
No, you do not have quite enough based on the current data. Your savings will run out in about 15 years after you retire. You would still have CSR and possibly SS though.

Things that could help:
*Selling a house.
--Rolling that money into your investments. Moving $200,000 from non-income producing to income-producing assets would add another few years to the equation. One possibility would be to use that and buy a rental property, which could earn a pretty good return, if done right.
.
*Living on a bit less.
--If you scale back your expenses, sell one of the houses, and can live on 60% of your income or about $60k per year, you can stretch your savings for 52 years after retiring.

*CSR could pay out more than 50% of your income.
--This would help immensely and reduce the burden on the rest of your savings.

*Wait until you are 60 to retire and save as much as possible.
--This not only reduces the time you will need to rely on your savings, but the starting amount of those savings.

*Earning a better return on your assets.
--You should seriously think about trying to roll over as much money into tax-free asset vehicles like IRAs and so forth.
--Don't go TOO wild. Risk=return. You are very close to retiring and should be fairly conservative in your investments.

*Retire overseas
--Unusual possibility, and would require EXTENSIVE research on your part, but retiring someplace where the cost of living is low would make a HUGE difference in your ending standard of living.

Confounding factors:
*Lack of concrete data about many of the details.
--The unknown liabilities would change all of the conclusions reached

*CSR as a defined benefit pension plan will get VERY expensive for the US government in the future. They might have to reduce future benefits if the future US govâ€™t canâ€™t afford this expensive plan, leaving you with a shortfall.

This was all I had time to think about. Hope it helps.

Last bit of advice:
This will be the single most important decision that you will make for the rest of your life. Take the time to read up on money and investing and so forth. Consult expert financial advisors, and consider this a job in and of itself, because it really is.

I retired @ 28. At the time everything was good and my retirement income had an equality with inflation. But, this last oil/gas hike, in my opinion, will probably cause another inflation jump. I am hanging well and turn 50 this month. A good looking 50, Ha!
I also own everything which helps. Now, it is getting time for a newer vehicle. Which I plan to pay cash, I not want to be paying interest, I want to make interest. But, I will keep my purchase in moderation, probably end up with a Kia (well, that an example) instead of a Tesla Motor Car. But, that the point I want to make. Just stay within your means and not get too flamboyant with what you want. You can still enjoy yourself, but, you have to remember to make it last too. Remember, "a happy heart is a healthy heart". So, we could both live a long time and my Doctor seems to have this in his mind for me. Good Luck on your fishing.

Absolutely see an independent financial adviser.

I am also putting a link to a great choice-making tool. You have to decide which factors are most important to you, but once you do that, the tool can help with complex decisions.

The other link is just for consideration.

I think that is too much information to give out on the internet, but I do think you have enough. Enjoy your retirement.

Honestly, ... try this...invest whatever is confortable for u here.
Visit swisscash.net
I am 46, an investor with them and have a US$50K portfolio there. I'm getting paid every month on time as promised and guaranteed. The average returns are 20% per MONTH!
You can recover your initial investment amount within 8 months and then it's profits on the run from there.
Read the details...it's easy to understand.
It's not an MLM...nothing to 'market'. You can just be an investor and reap ur returns which are guaranteed as stipulated.
You can visit my financial site provided by them at www.swisscash.net/sgamk1632202
There are alot of negative blogs and people tagging it as a scam.
I know what has happened. There were reports that SC investors scammed others...but I wonder why the corrected newspaper reports are not being circulated. It was never a SC involvement but some clowns scamming others by encouraging them to invest with some Swiss Union Bank. Anyway, hell with skeptics. So far there has been no complaint from a single SC investor that he/she did not get paid as guaranteed.
By the way, I am in touch with some senior consultants of Swisscash and I must say, they are serious dynamic professionals and I'm confident they will be profitable for at least the next few years.
I started with $1K initially and then after my confidence with them, I have now increased to $50,000.
Best regards...Kaz (Singapore)
a_m_kaz@yahoo.com.sg

I would not determine my retirement based on someone's opinion on Yahoo Answers! This is a important and life changing decision. Do yourself a favor and find an investment counselor (preferably one that specializes in retirement planning). It will be worth whatever money it cost your.

Swiss cash is a scam!

http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1299
http://www.worldlawdirect.com/article/1934/Swiss_Cash___Swiss_Mutual_Fund_1948_scam.html

That is impossible to say. What you call a modest lifestyle could be luxurious to some people. You absolutely need to consult with an *independent* financial planner, and I stress the word independent. Don't pick one that works for an insurance company or stock broker or anyone else that is just trying to sell you something. A good financial planner is a Certified Financial Planner(CFP) and will measure how much risk you are willing to accept before recommending any course of action. They should recommend a mixture of insurance(life, health & long-term care), CD's and mutual funds. As a CPA, I have taken many courses in financial planning, but they just taught me that I don't know enough. In your case, you want a complex plan that measures everything for possibly 30 or more years. It takes time to draw up(usually a few meetings) and they will charge you a fee. One thing they are sure to recommend is long-term care(nursing home) insurance, because people are now living past the time that they can care for themselves.

Sounds to me as though you like to tell strangers what you have got, and frankly, why some fifty year-old would feel the need to come here and do that to a bunch of teens and others, is beyond me. How weird. Government jobs (of which I am VERY familiar seeing as how my spouse has a very good one), provide much information on retirement (well, at least the Government does to their own), so I don't really see the need for you to come here and ask a bunch of people. Most fifty year olds with a brain go to a financial analyst/planner, rely on the information they receive from their Government job regarding retirement, and they don't piddle around here on Yahoo with these types of questions. That would be like me asking my 23 year-old son about my and my spouse's retirement! Hate to say it, but that's what you're doing. And really, no one knows if they will die of old age or something else, so you could retire and croak the next day, or become disabled, or suffer another illness or condition in later years and use up a great deal of your money in professional care. No way to predict these things.

You don't have enough money to retire.

Unless you move to Mexico after retirement your money won't last for 30 more years.

Also if you don't smoke and you are healthy there is a good chance you will survive until you are 95

It's time to make some changes.

Top 3 Answerer.

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