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Can a 56yr old retire with no debt, wifes health insurance, hse paid for (275k),no pension, and $975,000 s/b?

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  • Can a 56yr old retire with no debt, wifes health insurance, hse paid for (275k),no pension, and $975,000 s/b?


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Answer #1 | 18/12 2013 08:59
If you want no life - yes. How long do you think that balance would last?
Positive: 63 %
Answer #2 | 18/12 2013 10:55
I use to work for medicare billing...u can draw medicare under 65years old if u have been disabled for over 2 years...its automatic
Positive: 57 %
Answer #3 | 18/12 2013 15:28
That's not enough to live off of for 30 years for sure.
Positive: 37 %
Answer #4 | 19/12 2013 06:56
Highly unlikely. You did not say what your current income level is. This would help determine if you can live on $975K for the rest of your life. You did not say where your wife's health insurance comes from. If it is from an employer, you have the very real risk that she will one day be either unwilling or unable to work. Then your health insurance costs skyrocket. Retirees - - - and early retirees in particular - - -have inflation working hard against them. In just 20 years, your dollar will purchase less than half what it will today. Think about your property taxes alone more than tripling over the next 30 years. Have you planned for inflation? It is very difficult for most people to retire prior to receiving SS benefits unless they have been deliberately planning to do so. Retiring comfortably before SS and Medicare kick in requires an exceptionally high savings balance. Yours does not appear to qualify.
Positive: 5 %

Possible answer

Can a 56yr old retire with no debt, wifes health insurance, hse paid for (275k),no pension, and $975,000 s/b?
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Positive: 63 %
Ohio health insurance? Can I get unemployment? ... Can a 56yr old retire with no debt, wifes health insurance, hse paid for (275k),no pension, and $975,000 ...
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Positive: 58 %