From Yahoo Finance: 2025-05-17 09:45:00

A 57-year-old with planned retirement next year has two defined-benefit pensions expected to bring in $7,500 per month. They have $300,000 in a 401(k) and a wife with a $650,000 403(b). Health-insurance premiums, mortgage, and potential longevity are factors to consider. Seeking financial advice is recommended.

Retiring on a fixed income can be challenging, especially with questions about pension withdrawals, life expectancy, health insurance, and future plans. Considerations for retirement savings, average retirement costs, and managing unforeseen health events are crucial for a secure financial future. Social Security benefits and planning for the long term are essential in retirement decisions.

Research shows that most individuals should wait until after age 65 to draw Social Security, with full retirement age at 67 for those born in 1960 or later. Delaying Social Security can provide a financial buffer and insurance against outliving savings. Signing up for Medicare at age 65 is also necessary. Exploring part-time work options can be a compromise in retirement planning.

Taking time to explore financial landscapes and plan for retirement is vital for a secure future. Considerations for Social Security, health insurance, and long-term financial goals are essential for a successful retirement strategy. Seeking advice from financial professionals can help navigate retirement decisions effectively.

Read more: I’m 57 and ready to retire next year on $7,500 a month, but my wife says no. Who’s right?