I'm 53 With $2.45M Saved — Is It Time To Stop Contributing To Retirement?

Core Insights - The article discusses the transition from saving to spending for individuals nearing retirement, highlighting the importance of strategic planning in managing taxes and withdrawals [3][4][5]. Group 1: Financial Planning for Retirement - A 53-year-old individual with a net worth of $2.45 million, including $1.5 million in pretax retirement accounts and over $900,000 in taxable brokerage and cash, is facing the decision of when to stop saving and start spending [3]. - The instinct to continue saving is common, leading many to consult financial advisors to pressure-test their retirement plans [4][6]. - Small planning mistakes can lead to significant financial losses over time, making clarity on tax and withdrawal strategies essential for those retiring in their early to mid-50s [5]. Group 2: Tools and Strategies - SmartAsset offers a free matching tool that connects users with financial advisors specializing in retirement income planning, helping to clarify trade-offs in tax and withdrawal strategies [6][7]. - By answering questions about assets, income, and goals, users can see various professional approaches to taxes and retirement drawdown strategies [7]. - Building flexible income outside retirement accounts, such as through platforms like Arrived, can supplement taxable savings and diversify cash flow [8].