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First post on Money Board- 401 k related question
Posted on 1/13/26 at 3:43 am
Posted on 1/13/26 at 3:43 am
I come in peace and I know this board has a good mix of advisors, retirees, and SOME good advice on financial matters so here goes. I will be 55 years old this year and I see the light at the end of tunnel for retiring. I am beginning to look at my retirement portfolio and as I look at the age when I want to retire I start to wonder what do people base how they will withdraw money from their 401k do they say hey I will take this amount out until say 90 years old or will I take this much out a year til 80 years old then cut back to this amount after 80 years old. My thought process is this at 65 I will retire then I will withdraw 60k a year divided by 12 months= 5000.00 a month. I have a 1500.00 a month pension also and then social security even if it is reduced. Do people do this til 90 years old or what? I guess it's time to start asking questions I mean I don't expect to spend as much once I am 80 years old. Please give me some advice and if this sounds dumb I am just asking. I have other things for retirement but more interested in the thought process on 401K thinking and if people that are retired on here can chime in I would appreciate it. Thanks 
This post was edited on 1/13/26 at 4:06 am
6
Posted on 1/13/26 at 5:51 am to FLBooGoTigs1
There is the 4% formula that is often discussed, but I think everyone has to look at the size of their stash, other sources of money, needs at varying times, the state of the market (hate to withdraw a lot when down), and (the big if) how long they expect to live.
Here is a handy calculator that a retirement counselor shared with me. You can put in the average growth that your 401k has experienced to sort of estimate how the funds will last at various withdrawal amounts each month or year. Savings Distribution Calculator
The ding on the calculator is that, even if your fund truly does average what you guess during retirement, it likely won't be steady at that number. Maybe it averages 5%, but there could be years of bigger gains (10%), smaller gains (2%), and even losses (-8%).
If you want to see what you can do to grow your 401K in your remaining work years, here is another calculator. 401k calculator
Here is a handy calculator that a retirement counselor shared with me. You can put in the average growth that your 401k has experienced to sort of estimate how the funds will last at various withdrawal amounts each month or year. Savings Distribution Calculator
The ding on the calculator is that, even if your fund truly does average what you guess during retirement, it likely won't be steady at that number. Maybe it averages 5%, but there could be years of bigger gains (10%), smaller gains (2%), and even losses (-8%).
If you want to see what you can do to grow your 401K in your remaining work years, here is another calculator. 401k calculator
Posted on 1/13/26 at 6:25 am to Twenty 49
I am like am I going to spend all this money because all vehicles and mortgage will be paid off so do i just say hey I don't need this much monthly or do I ask the wife for hookers and blow with the extra cash flow? 
Posted on 1/13/26 at 6:29 am to FLBooGoTigs1
quote:
I don't expect to spend as much once I am 80 years old.
Be careful to not ignore inflation in this calculation. While you might have less costs/things you’re spending money on, they will likely cost a lot more in 2055-2060.
Also don’t forget you will have increased need/cost for medical care too.
I’m in a similar situation, but about 10 years younger. I plan to live off my pension, SS, Roth and savings when I retire. My 401K will be left alone to grow until I have to take RMDs or have bigger medical expenses.
Posted on 1/13/26 at 6:42 am to Suntiger
I do hear about medical issues arising an taking a large chunk of retirement saving but i do have VA benefits and this includes medical when i retire.
Posted on 1/13/26 at 7:01 am to FLBooGoTigs1
Most retirees find there expenses follow a smile pattern instead of a straight line. Early retirement sees some spending as you might want to travel and do things. Then there is a dip where you do less and your crap is all paid for. Then an uptick towards the end for higher medical cost.
Posted on 1/13/26 at 8:12 am to FLBooGoTigs1
Remember that taxes play a role. If a lot of your money is in traditional tax deferred accounts, you will have to pay taxes when you take them out. Figure out, or just guess, what they're likely to be.
When you planned to take $5000/month, was that before or after taxes? Also, realize you will have to face RMD's when you hit 75. Sometimes not a big deal at all, sometimes a very big deal.
There are numerous online free online calculators that can help. This is a simple one that will tell you how long your money will last based on your life expectancy and risk tolerance. There are better calculators, but this is fine for giving you a quick, easy answer:
LINK
When you planned to take $5000/month, was that before or after taxes? Also, realize you will have to face RMD's when you hit 75. Sometimes not a big deal at all, sometimes a very big deal.
There are numerous online free online calculators that can help. This is a simple one that will tell you how long your money will last based on your life expectancy and risk tolerance. There are better calculators, but this is fine for giving you a quick, easy answer:
LINK
This post was edited on 1/13/26 at 8:16 am
Posted on 1/13/26 at 1:25 pm to FLBooGoTigs1
This is something I wonder daily. How do you know when you have a good number? It seems like we're on the right track, but who knows.
I use this retirement calculator from Nerd Wallet because I like the visual of the "what you'll have vs. what you'll need" intersection on the chart. If you click on the advanced details tab, you can adjust for average returns, inflation, etc. Fun to play around with anyway.
Nerd Wallet retirement calculator
I use this retirement calculator from Nerd Wallet because I like the visual of the "what you'll have vs. what you'll need" intersection on the chart. If you click on the advanced details tab, you can adjust for average returns, inflation, etc. Fun to play around with anyway.
Nerd Wallet retirement calculator
Posted on 1/13/26 at 4:39 pm to HouseMom
I have tried them all i keep saying to myself i know I won't use this much but do I really want to live past ninety. Do I spend front heavy and enjoy life more or do I go slow and steady hoping I don't kick the bucket at 70 years old.
This post was edited on 1/13/26 at 6:18 pm
Posted on 1/13/26 at 5:38 pm to FLBooGoTigs1
just to give you an example...
i sold my business in april, i turn 60 this year.
i have $1MM net to be paid to me over 4 years starting in 2027, so this year i wont have any income, and starting in 2030 i'll start drawing SS (3200/mo).
i have $1.5MM saved before the payout starts.
i estimate that if i stay invested, moderate (5%) return and 2% inflation, i can draw $15000/mo plus the SS and not run out of money until mid-80's or so after which i truly do not give a frick. i'll probably be looking for the exit ramp anyway at that point
however, since i'm still young, and have some talents, i'll start in the next few months figuring out how to generate some income just to be safe. just $25000 in additional annual income pushes the singularity well past the point i expect to see
i sold my business in april, i turn 60 this year.
i have $1MM net to be paid to me over 4 years starting in 2027, so this year i wont have any income, and starting in 2030 i'll start drawing SS (3200/mo).
i have $1.5MM saved before the payout starts.
i estimate that if i stay invested, moderate (5%) return and 2% inflation, i can draw $15000/mo plus the SS and not run out of money until mid-80's or so after which i truly do not give a frick. i'll probably be looking for the exit ramp anyway at that point
however, since i'm still young, and have some talents, i'll start in the next few months figuring out how to generate some income just to be safe. just $25000 in additional annual income pushes the singularity well past the point i expect to see
Posted on 1/13/26 at 6:09 pm to FLBooGoTigs1
quote:There's no way you can run that far...
401 k related
Posted on 1/13/26 at 6:26 pm to LSURussian
Depends on what I win but I will need time to train. 
I am at work and will troll this thread. My thoughts are this I will retire at 65. I work only alittle over a half a year now so having benefits and a good salary keeps my money in saving. I hit 65 years old use my pension and 401k for a few years then hit social security without penalties and if need be take some out of my roth along the way. My wife is five years younger and she retires at 62 and she has her retirement and her 401k also. She is in HR and has a very nice retirement set up too. I am sure things will change as I get closer but I am open to anyone giving advice.
eta: House will be paid off and two newer vehicles will be purchased and paid off right before I retire too.
I am at work and will troll this thread. My thoughts are this I will retire at 65. I work only alittle over a half a year now so having benefits and a good salary keeps my money in saving. I hit 65 years old use my pension and 401k for a few years then hit social security without penalties and if need be take some out of my roth along the way. My wife is five years younger and she retires at 62 and she has her retirement and her 401k also. She is in HR and has a very nice retirement set up too. I am sure things will change as I get closer but I am open to anyone giving advice.
eta: House will be paid off and two newer vehicles will be purchased and paid off right before I retire too.
This post was edited on 1/13/26 at 6:38 pm
Posted on 1/13/26 at 6:42 pm to FLBooGoTigs1
quote:
Do I spend front heavy and enjoy life more or do I go slow and steady hoping I don't kick the bucket at 70 years old.
I’m hoping to be able to spend plenty, but still want have a nice nest egg to leave to my kids. I’ll probably never stop working in some capacity.
Posted on 1/14/26 at 9:57 am to Suntiger
quote:
I’m in a similar situation, but about 10 years younger. I plan to live off my pension, SS, Roth and savings when I retire. My 401K will be left alone to grow until I have to take RMDs or have bigger medical expenses.
You might want to speak with a financial advisor. Generally the Roth is the last thing you should touch.
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