I am 66 years old and have over $2 million. I just want to play golf, can I retire?

i am 66 years old Year and 4 months old.

My Social Security payments start next month at $3,300 a month. I am currently working part time as a professional engineer for $95 an hour, 3 days a week, for my full time full time employer of 28 years. (I would like to leave this position as soon as possibleyou know)

I currently have about $1.6 million in retirement accounts. My wife (age 60) has about $600,000 in various term and retirement accounts. We have her 16 year old daughter at home who attends high school and college on a dual enrollment program. Continuing with this program will allow her to complete her bachelor’s degree at the age of 19. While in high school, she takes college classes. We don’t pay her tuition while she is in high school.

Our monthly expenses are about $9,000 to $10,000 per month including health insurance for my wife and daughter. We own a modest single family home with no mortgage. Taxes and insurance are currently about $6,000 a year. I currently have no debt other than American Express and Visa which I pay monthly.

I am on Medicare. I’m considered a high earner, so I’m billed twice as much as he for Part “B”. Both of us are in moderate/normal health to some old farts.

I want to throw in the towel on May 5th and play more golf. Can we do that?

look: We are in our 60s and just lost $250,000 on a 401(k) plan. Can I still retire?

Dear Reader,

Thank you for saving so much for retirement. That alone is a great achievement!

I don’t have all of your financials in front of me, nor am I a financial planner to put together a comprehensive plan for your retirement, so I can’t say for sure that you will be able to retire. But you are on track and sound like you have a plan. Here are some things to consider before choosing a mid iron.

Over $2 million (you and your wife’s savings combined) is a lot of money — I’m not suggesting otherwise — but when it comes to retirement, just because you hit $1 million It’s not automatically OK. dollar mark. There are so many factors, including health care, debt, savings and spending.

I reiterate my spending analysis a lot, and it’s very important when deciding whether and how to retire. why? Because this is something you can control for the most part. It’s a pretty powerful feeling.

So my first suggestion is to review your AMEX and Visa statements, as well as withdrawals from your checking account, to make sure you’re spending the way you want and need. When you retire, your part-time income will be gone. You may be itching to get green, but you’ll be stressed if you don’t have enough green in 10 or 20 years. However, it’s a good idea to actually look at your spending and assess how comfortable you’ll be if you continue to spend like that after you retire.

Read the MarketWatch column “retirement hack” On Practical Advice for Your Own Retirement Savings Journey

There is a second part to that analysis. This is the amount you plan to withdraw from your retirement account. I don’t know if your wife is still working, but still, the more money you withdraw from your account each month, the less money you have to grow over time.Taxes also play a role here. This depends on whether you are withdrawing from a traditional account or a Roth style account.These taxes not only take more money out of your spending, they can also charge you more. tax time.

Think about this when your daughter goes to college too. If she continues her high school/college hybrid course, she may not be there for long (which is great, by the way), but do you plan to pay her tuition? Where does the money come from? If you don’t already have one of the college savings accounts like the 529 Plan, we recommend that you have a separate savings account designated for education. Draining Retirement account for tuition fees.

One last bit about it — plan for the unexpected. What do you do when you have a big expense? Does that money come out of your retirement account as well, or do you have an emergency account set aside to cover it? That’s not the only thing you have to manage. You also need to come up with a plan B, a plan C and a plan D.

See also Are you planning your retirement wrong?

Then, check how you invest your money before you retire.what is your asset allocation Should I change? Don’t change just to make them – and never change just because you read that the market wasn’t that hot that day – but this money is worth dozens to support you and your wife Remember that the years also need to grow. Consulting a qualified financial professional, such as a certified financial planner, can help you understand the optimal investment mix, but at a minimum, log into your account or call the company with your account to confirm. its asset allocation.

You also stated that you are already enrolled in Medicare. We recommend that you take time now, well before open enrollment, to review your current and future medical expenses and evaluate how your current insurance will help you.You and your wife are in reasonable health. You said you have a condition, but if you have surgery or services you think you’ll need next year, you might want to start thinking about which plan will provide the best coverage for your situation. Pay more than necessary. You don’t have to do this right away, but it will definitely help you be more prepared for the end of the year when it’s time to keep your current plan or switch to something else.

As an aside, lower adjusted adjusted gross income will ultimately result in lower Medicare Part B premiums.Them Insurance fee is based on tax returns from two years ago.

Sounds like you’re on the right track, which is great. It’s a good idea to settle some outstanding issues before resigning so that you can tee up without worry.

Reader: Any suggestions for this reader? Add them in the comments below.

Got questions about your own retirement savings?Email us HelpMeRetire@marketwatch.com

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