From Yahoo Finance: 2025-03-23 08:30:00

A 54-year-old nurse with 26 years of service is considering retirement. She has $1 million in assets, including a $7,000 monthly pension, $750,000 in retirement accounts, $150,000 in stocks, $250,000 in real estate, and $100,000 in cash. After running the numbers, she could retire now, with after-tax income ranging from $7,672 to $10,329 per month, depending on her age and Social Security benefits. Considerations include state taxes and consulting a financial advisor. The IRS announced higher limits for 401(k) and IRA contributions in 2024, with savers able to contribute up to $23,000 and $7,000, respectively. An emergency fund is recommended to cover unexpected expenses. Financial advisors can benefit from SmartAsset AMP to connect with leads and automate marketing efforts. Matt Becker, CFP®, answers reader questions on personal finance and tax topics.

Sources:
https://smartasset.com/retirement/ask-an-advisor-retiring-nurse
https://smartasset.com/retirement/save-more-401k-ira-2024-contribution-limits



Read more at Yahoo Finance: I’m 54 With $1 Million and a $7k Pension. Am I Ready to Retire?