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stevej37 stevej37 is offline
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Join Date: Jan 2002
Location: west michigan
Posts: 7,490
Quote:
Originally Posted by fintstone View Post
Another consideration is if you don't start to spend 401K early is that if that you must start at 70.5 and then draw it out fast (schedule to correspond withe expected lifespan). If you have fully funded it for a lifetime of work (and kept it is an S&P index)...you may have about $1.5M at 70. You would probably have to draw out about $8-10K a month to even come close to spending it. It seems that unless your other assets are gone and you have created debt, a tired old dude would struggle to spend it...unless you are trying to fund your kids retirements.
And also, if drawing a larger amt from the 401k, combined with SS will lead to being in a higher tax bracket.
Old 02-20-2018, 02:35 PM
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