Very general question about retirement (what will you be relying on?)?
Thanks for taking your time and helping me out to answer this sorta complicated question. I'm now trying my best to gauge as to where my retirement money would come from once I retire. In some ways, if you're already in retirement, I would LOVE to have feedback from you. For those who are working and NOT currently in retirement yet, please tell me what will be your "sources" of retirement. Please list all that you are are counting on. For those that are already retired, please tell me what sources of income are you currently withdrawing or using now and if you think it will be sufficient. Most importantly, what is the heaviest expenditure of your retirement spending? Let me give you me as an example. I'm currently working in a relatively stable job, good income and have a pension, but no 401k. I'm NOT planning to retire early. So here is the deal. I believe that the pension and social security will BOTH take care of about 70% of my retirement income and that I should only save about 30% more (half-million i think). Any thoughts? Please offer your wisdom here. Also, I do not have kids and don't plan to so I don't need to sock away any money for education and grandkid expenses. I don't want to die with millions of dollars left but don't want to be completely broke either at say age 75 (if I live that long). I hear this mantra of save more, save more but honestly, does that really apply to me who is single, with no kids and making 6 digits a year? I mean, I don't have no known heirs now so I really don't want to OVERSAVE and die with millions in my account. Also, I don't want to be a senior taking 6 cruises a year, I want to do my travel NOW, and I am (that's whats great to not have kids). So is it wise to rely on pension, SS and maybe just about half-million in savings for after 65.....and just spend the rest on myself now? Is that a realistic projection? Thanks for your input (especially retirees who knows and can give me their 2cents). PLEASE don't give me Suze Orman (though i like her) type advise to save, save, save......look at my situation, does it make sense for me to save lots???
- JudyLv 71 decade agoFavorite Answer
Sounds like a reasonable plan to me. The only thing I'd suggest, if you have a 401K available where the company does any matching, would be to put money into that up to the amount of the match. But you sound pretty financially savvy, so I assume that if you had that available, you'd already be doing it. I assume some of your savings is in a Roth IRA for the tax breaks.
The only other thing I'd do is to look into long term care insurance, since if you needed that, could wipe out your savings in no time.
I am retired, comfortably, but my situation is much different than yours (married, kids and grandkids).
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