I’m 59 years old, make $150K/year, and my plan was to retire at 67 — but I’m tired and over the grind. Can I call it quits now or keep milking my high-paying job for as long as possible?

If you’re at least 59 ½ years old, you’re at the age where you can start tapping into your retirement funds without getting hit with early withdrawal penalties.

Retirement is theoretically on the table, but is it a good idea, especially if you have a high-paying job right now?

If you’re tired of the daily grind, you may be tempted to hand in your notice. But if you’re making a lot of money, resisting that temptation could pay off big time.

If you can work until you’re 67, you have eight more years to save. If you invest just 10% of your $150,000 salary and earn a 7% average annual return over the next eight years (assuming a relatively conservative portfolio as you’re nearing retirement), you’d grow your nest egg by almost $154,000. That provides an extra $6,160 to spend annually as a retiree, assuming a safe 4% annual withdrawal rate.

RandyMarsh

Article URL : https://www.msn.com/en-us/money/retirement/i-m-59-years-old-make-150k-year-and-my-plan-was-to-retire-at-67-but-i-m-tired-and-over-the-grind-can-i-call-it-quits-now-or-keep-milking-my-high-paying-job-for-as-long-as-possible/ar-AA1p390x?ocid=entnewsntp&pc=LCTS&cvid=faa70d4749144cbbb44e9450617dce18&ei=22