Hi all, due to stress and health reasons, I retired from a job I held for over 35 years. It was retail, and at my age (59Y, 2m) it was no longer a good fit for me physically or mentally. Financially we are pretty good (above average I guess?), about $20k in savings, $750k in a IRA brokerage. $1.1 million net worth. House is not paid for. Leaving my job results in a $2k loss per month in take home pay. Husband is semiretired (59 1/2) and still working at a peon job to carry insurance but has been drawing from our retirement brokerage account for at least 3 years. We have about $69k combined in our work Roth 401ks, which my husband can obviously access and I can now access due to the Rule of 55 even though I won’t be 59 1/2 until October.
I’m a nervous Nellie and still don’t know how this is going to shake out. I’d like to not work again until school starts in the fall. My son needs help with our young granddaughter and I want to enjoy the summer with her. I also need a breather after years of grinding, but I also worry, probably unnecessarily, that we’ll run into money issues down the line.
Question—if needed should we draw money off the IRA brokerage account which is all traditional IRA or off our Roth 401ks? What am I missing about tax implications? I have heard that Roth money should be the last thing you spend in retirement.
Retired early, need advice
byu/One_Wallaby4951 inpersonalfinance
Posted by One_Wallaby4951