Hopefully you have banked 3 Million - 5 Million
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I went out on disability at age 62 with $150,000 and a paid off house. Doing fine. Once I get Medicare and don't have to pay retiree premiums, I'll have extra every month. I don't know what I would do with 3-5 million.
Are you serious? What were you making a million a year? I worked for Wells for 30 years and was never paid above 60k!
Needing all these millions to retire is ridiculous and you are brainwashed to believe this. A married couple needs about $500K in 401k; say $100K in cash, with both getting SS at 62, you are good to go. Don't believe what you are told sell everything, own nothing!
I joined a few years before they froze the plan (a$$holes). So what's in there is not all that much. I've been putting in pretty much the max in my 401k for literally decades.
Don't pooh pooh the cash balance pension plan. I started in 1994 and had the conventional pension plan through 2008 when it was frozen, not eliminated, frozen. You have to model your retirement to see the true value of your plan. I took a lump sum North of $300k when I retired in 2020. Now if you started in the mid 2000's you are scre*ed.
I plan to spend a lot of time with Mary Jane and Jim Beam with the $25k in my cash balance plan.
The CB plan was frozen in 2009, not exactly "the 90s". lol
Tenured here at Wells means nothing but some more PTO and a minuscule cash balance plan from the 90's.