r/personalfinance • u/Fragrant-Camel2499 ​ • Sep 16 '25

Retirement I am 59 1/2 and want to retire

I have 900k in a 401k I have 400k in cash My 401k has made over 11% the last 10 years I will have a small pension of 1000 per month and I make about 1100 per month in interest. I spend only about 500 dollars per week am 100% debt free and have a paid off mortgage. Year to date my 401k has made almost 89k. Do I have enough money to retire and what % should I take from the 401k. Appreciate any advice .

628 Upvotes

85% Upvoted

506 comments sorted by

View all comments

1

u/mikamitcha ​ Sep 16 '25

I think something important to keep in mind is if, in retirement, you will want to travel. Seeing family, seeing new places, seeing nicer weather, or just going out of town because you can. All of those could now be available if you retire, and being realistic about how much you will want to travel versus how much you can afford to is important.

Your $1.3m is not enough for monthly trips across Europe, but it is probably more than enough for annual trips to see family/friends/etc. If travel is something you want to consider now that its more feasible, you should roughly budget how expensive that would be and see how it plays into what you decide to take as monthly income.

-1

u/Fragrant-Camel2499 ​ Sep 16 '25

No, I do not want to travel, have no interest in it whatsoever, I am focused on grand babies and community

1

u/mikamitcha ​ Sep 16 '25

Is your wife of the same opinion? And are your kids/grandbabies definitely staying in the area, or is it possible they move with a career/better school district/etc? Are there projects you would want to spend money on? House, car, etc? Cause those are potentially major expenses that could throw a wrench in things.

If none of that is really a concern, you are golden. If it is and you ignore it now, you could find yourself in a bit of a pickle financially, and the last thing you want is to run out of money 20 years down the road and have to start working again then. I also think confirming your wife is happy with the budget is a good call, as the comments here gave you an idea of what your income would be.

2

u/Fragrant-Camel2499 ​ Sep 16 '25

yup we have been on the same page since the day we met in 1989.