The Question
I have 2 401K’s totaling 377,000 dollars, 100,000 in a CD paying 5%, 30,000 in checking and 17,000 in savings, 20,000 in stocks, 9,000 in crypto. My debt is 5,000 dollars and I’m 71 and retired at 70. Would it be wise if I started to take 401K disbursments and at what percentage and time frame? Home is paid off.I’m 71, retired, with ~$500K in assets and house paid off. Should I take 401(k) disbursements?
I have 2 401K’s totaling 377,000 dollars, 100,000 in a CD paying 5%, 30,000 in checking and 17,000 in savings, 20,000 in stocks, 9,000 in crypto. My debt is 5,000 dollars and I’m 71 and retired at 70. Would it be wise if I started to take 401K disbursments and at what percentage and time frame? Home is paid off.
Hi-
Yes, Congrats on your retirement!
The biggest issue most retirees face is that they have to switch from Saving and building up their investments to now utilizing the funds they built up to support themselves. Or:
You’ve worked hard for your money, now you need to get your Money working for you!
Please consider is consolidating the two 401ks into one IRA. It will be easier to manage, give you some more investment options, update your beneficiary, and have one account to take Required minimum distributions from ( which start at age 72).
As for taking money now and how much- that depends- More on your goals, your concerns. Every situation is different so it is hard to give a specific recommendation.
-Paul Doak
206-774-0262
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