I have a 40k/yr pension plus 1 million is my 401K. I am 55….is that enough?

Other answer:

Dennis Johnson:
What do you make now and how much do you save? Since your life expectancy is about 30-35 years divide the balance of your 401k by 35 and add it to your pension, Can you live on that, we don't know.
Pork-chop of Doom:
How healthy are you?

$1M is enough to yield $50K a year almost indefinitely, so you are guaranteed $90K a year indefinitely including your Pension (assuming your Pension doesn't go "belly-up")…..How many years could you live on $90K without ever getting a raise? When you are 62, that will have the "buying power" of $45K in today's dollars…..at age 72, it will be closer to the buying power of $23K….if you make it to age 77, you'll be getting the equivalent of about $1,000 a month, and at 85 about $16 a day…..will you be "comfortable" on the equivalent of $16 a day?

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enough for what, that might depend entirely on how you live, in some instances you could quickly blow the 401(K) in no time and leave yourself with the $40K retirement to live on
how you use it will determine if you have enough
enough for what? to retire?

for me it is not enough… your mileage may vary…

you could live for 40 years in retirement………better start thinking about inflation… your assets/income needs to grow faster than inflation… if you intent to start withdrawing that million at age 55, you're going to be broke before you die…

Perhaps. Drawing from a 401(k) before age 59.5 is unwise/penalized.
depends on how you much spend on your lifestyle… my dad spends over a million a year, but his company makes $10 million a year… i doubt my dad could live off that, but if you live within your means, then sure…
Depends on what you want to do in your retirement. What lifestyle are you used to? What are your fixed expenses going to be? Do you have health care covered?

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