How are you getting by on your savings?

[tommu56]

So, after 50 years of working, I get the honor of dying bare bones broke with nothing to show for it. It's just not a pretty picture any way you look at it.

That is one way to beat the death tax:laughing:

 

[Travelover]

I'm an admitted Boglehead - someone that agrees with much that John Bogle, founder of Vanguard, recommends.

A couple of really good resources, in my opinion, are the Boglehead Forum (which is much like this one, but populated with people that live and breathe investing) and the Boglehead's book. No financial interest either way on my part, but for me they have credibility and don't have their hand deep in my pocket.

Bogleheads Investing Advice and Info

Amazon.com: The Bogleheads' Guide to Investing (9780471730330): Taylor Larimore, Mel Lindauer, Michael LeBoeuf, John C. Bogle: Books

 

[955er]

I have not heard a whole lot here about debt. Though I am only 45, my mother, a retired teacher who does fine, had some sound advice. You cannot go into retirement with house payments, car payments, boat payments (even tractor payments). Retirement income will not cover those expenses along with basic needs.

So many people think they should have a better standard of living in retirement than during their high income years. That rarely happens.

 

[smstonypoint]

I have not heard a whole lot here about debt. Though I am only 45, my mother, a retired teacher who does fine, had some sound advice. You cannot go into retirement with house payments, car payments, boat payments (even tractor payments). Retirement income will not cover those expenses along with basic needs.

So many people think they should have a better standard of living in retirement than during their high income years. That rarely happens.

Good points!! I did OK income-wise when working, but my wife and I lived well below our means before my retirement. I maxed out on my 403b contributions, contributed to a 457 plan, and saved/invested in non-tax deferred accounts. It's paying off now.

Steve

 

[tglass]

If the question is whether there's an affordable healthcare policy available to those between ages 62 and Medicare (65) then I believe that there's new options under the healtcare reform bill that just passed.

My understanding is that if you don't have employer provided healthcare insurance, the state and federal gov. have put together an insurance exchange where you can purchase a policy regardless of medical history.

It's a really good point since you have assets to protect.

Sounds like good news. Do you have any information you can share or a site I or others can check to see if we meet the reqirements? Like to hear more about this. To my knowledge after you quit or retire the only option is something like Cobra which can break a person quickly.

 

[keegs]

Sounds like good news. Do you have any information you can share or a site I or others can check to see if we meet the reqirements? Like to hear more about this. To my knowledge after you quit or retire the only option is something like Cobra which can break a person quickly.

Hi,

Someone I work with who's a contractor and has no employer sponsored health insurance benefit asked me this question a few months ago. At the time the state of NJ, where we both live, was still putting together plans for addressing the new federal legislation and the state website, nj.gov, had lots of info about what was taking place. I found these links that seems to describe what's in place today.

Individual Health Coverage Program
http://www.state.nj.us/dobi/division_consumers/insurance/ppaca_faq.html

I'm not really up on this since both my wife and I have employer sponsored healthcare benefits but my understanding is that the States administer their programs and play a significant role in the kind of exchange services that are provided within the gudelines specified in the federal legislation.

So after that long winded explaination I suggest you do a search on you State's medical insurance exchange program.

I hope this helps...CK

 

[keegs]

CK,

I'm a Bogle fan, too. Vanguard has a publication that deals with alternative investment strategies for retirees: "Income in retirement: Common investment strategies." It's worth a read.

https://personal.vanguard.com/pdf/icrria.pdf

Good luck in your retirement planning.

Steve

Steve,

This Vanguard doc was very helpful as were all the comments, links, information ..... provided on this thread so far. It's given my some needed perspective on where we (the Mrs. and I) should be headed at this point in our retirement planning and preperations.

Thanks.

 

[Travelover]

Keegs,

Here is a list of books that provide sane advice on retirement investing. You can buy some of them used on the internet. Given the stakes, it is a good investment of your time to read a few.

Investment Books