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Tim's Retirement Financial Snapshot
- Tim is retired at almost age 63 with about $900k in 401k, $110k in Roth, and two rental properties.
- He took a buyout two years ago with a lump sum equaling about a year's salary and is not yet claiming Social Security.
Sell Property to Boost Liquidity
- Selling the less expensive rental property could free up about $150,000 for home repairs and liquidity.
- Work with an accountant to handle the sale and taxes properly to avoid surprises.
Optimal Pension and Social Security Timing
- Start your pension benefits soon, but consider delaying Social Security until full retirement age to increase benefits.
- In the meantime, withdraw manageable amounts from your 401(k) to cover expenses and pay taxes incrementally.