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Author: hattibee45 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: retirement Date: 2/6/2012 9:40 AM
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I am 66, ready to retire .........no money to retire on. I do have a 401K worth $17000 balance. I have about $10000 in savings. I need advice on where to put any money to good work for my future. Any suggestions?
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Author: joelxwil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70108 of 74759
Subject: Re: retirement Date: 2/6/2012 10:45 AM
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Don't retire.

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Author: ResNullius Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70111 of 74759
Subject: Re: retirement Date: 2/6/2012 11:42 AM
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I agree with the prior reply. You probably would be best off if you continued working, or at least found part-time employment before you quit. As for your money, if this is all you have, I would keep at least half in a short-term CD at a good bank, the other half in an intermediate term CD at the same bank. You need every penny you have, and you should avoid any risk of loss. If you can continue working full-time until 70, you'll get more SS than if you retire now, but that's up to you and whether you can live on what you have. If you can't make it, find a roommate or move in with family. Good luck.

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Author: PSUEngineer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70112 of 74759
Subject: Re: retirement Date: 2/6/2012 11:45 AM
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I am 66, ready to retire .........no money to retire on. I do have a 401K worth $17000 balance. I have about $10000 in savings. I need advice on where to put any money to good work for my future. Any suggestions?

You may be ready to retire but financially you are not. At a safe withdrawal rate of 4%, you're 401K and saving will generate only $1080 the first year. Since you don't mention a pension, you will need to live on your social security benefits only. Are your living costs below that?

PSU

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