Assessing Retirement Readiness at Age 60 with Significant Savings
Am I Ready for Retirement?
At 60 years old, married, and with no mortgage, planning for retirement involves careful consideration of financial resources. The individual possesses $1.1 million in liquid cash and $880,000 in a 401(k).
Pensions and Social Security
The individual awaits benefits from two pensions, alongside the Social Security benefits available for both spouses. These funds may greatly enhance their retirement income.
Conclusion
While the sum of assets suggests a healthy retirement fund, the individual should evaluate their annual expenses, lifestyle needs, and any potential future financial obligations. This will ensure a secure retirement plan that accommodates both current and future needs.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.