Can You Retire with $330k, an IUL, and Over $100k in Debt?

Question: “I’m 57 years old and I would like to retire now. I have $300K in my 401(k), $30K in the bank and I still owe $99K and $17K on my credit cards. I have $2K-$3K in some savings accounts and I just got an IUL. Who can help me make sure I can retire without having to worry?”

Answer: You’ll need to do a deep dive into your current and expected future finances to get a clear picture of whether and/or when you can retire — and yes, a financial planner would likely be of help, pros say.

But before we get into financial planners, let’s dive into your situation. First, there are important details not included here. “What will your monthly spending need to be and what is the cash value of the IUL policy? These are key considerations that must be factored into a decision on whether retirement now is possible or not,” says Derek Jones, chartered financial analyst at Scratch Capital.