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When you reach your late 40s or early 50s, it’s natural to start wondering whether you could retire in the next decade.
If you have $225,000 saved, the answer is: Probably. But you have to plan well.
“With proper planning and discipline, the 10-year home stretch can be transformational,” says Samuel R. Scott, a CFP professional and president at Sunrise Advisors in Leawood, Kansas.
Bankrate asked Scott and two other financial planners to make recommendations for a hypothetical worker with the following profile:
Age: 52.
Savings: $250,000 in a tax-deferred account.
Goal: Retire with $500,000 in 10 years.
This individual would live off his savings for three years. Then at age 65, our retiree would start collecting Social Security and withdrawing 4 percent of the remaining nest egg each year.
Read on to learn how to reach this goal and retire at 62.
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