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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.
Compare CD rates today and find the highest yields at Bankrate.
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