Originally Posted by Irishguy
As a person who's about to retire early at 62 years old with a larger income than when I was working...

I would say:

1. Save up an emergency fund.
2, Pay off debt.
3. Work up to maxing out your 401k contributions.
4. Start putting what extra money you have after that into high yield savings and CD's.

The only life insurance you need is when you are young and have kids and that needs to be a term life policy. It is to make sure your family will be financially secure if something unexpected should happen to you. Once you get older and your kids are grown and all of the above savings are held jointly with your wife, then all you need is a term policy big enough to pay for your funeral should you go first.


Sound advice. I would get emergency fund to at least 3 months pay. American Express is doing ~4.5% and a nice place to park the emergency fund. Can access money in 48 hrs. I am 52 and 3 years ago stopped paying life insurance.

Last edited by jmudler; 02/06/24 09:14 AM.
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.