Ask an Advisor: Can I Retire at 62 With $680k in a 401(k), $1,600 Monthly Pension and $150k in Cash?

Group 1 - The article discusses retirement planning, focusing on the individual's current financial situation, including a 401(k) balance of $680,000, savings of $150,000, and a monthly pension of $1,600 [2][3] - The total annual income from the pension is calculated to be $19,200, providing a strong baseline for retirement needs [3][4] - The combined total from the 401(k) and savings allows for an estimated withdrawal of $33,200 in the first year of retirement, leading to a total annual income of $52,400 before taxes [4][5] Group 2 - After accounting for taxes, the individual can expect approximately $48,000 per year to spend, equating to about $4,000 in monthly expenses [4][5] - The potential impact of Social Security benefits is analyzed, with estimated annual income ranging from $63,740 to $74,216 depending on retirement age and last year's salary [6] - Different scenarios for Social Security benefits are presented, showing annual benefits of $11,340 at age 62, $17,064 at age 67, and $21,816 at age 70 based on a $70,000 salary [7]