Couple considering early retirement with $105,000 in debt, downsizing, and relocating
From Yahoo Finance: 2025-06-18 18:28:00
A woman is considering early retirement to spend more time with her husband. They have $105,000 in debt and are planning to downsize their house and move to a state with lower property taxes.
The husband, 59, is retired with a pension and health insurance. The wife, 51, earns $129,000/year and has $290,000 in combined 401(k) savings. They are considering retiring early together.
Financial adviser suggests caution in early retirement. With $195,000 in 401(k) after 3 years, it’s not enough for 30 years. Average retirement savings target is $1.46 million. Retirement calculators by Social Security Administration and AARP can help assess readiness.
Consider delaying retirement to maximize Social Security benefits. Pressure from husband for early retirement raises questions about financial security. Longevity and lifestyle need healthy investment income.
Planning retirement after downsizing and moving requires careful consideration of income and lifestyle goals. Previous columns by Quentin Fottrell offer further insights into financial planning for retirement.