Retirement thoughts Past Present Future

   / Retirement thoughts Past Present Future #1,531  
My soon to be 96 y.o. Mother had heart valve replacement like that just a few years ago and she's been doing well. Amazing medical advances as time goes on.
All the best Larry!
 
   / Retirement thoughts Past Present Future #1,534  
Fuddyduddy1952 said:
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I can't imagine retirement at any age looking at SS as part of their retirement income...but that's me.
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What's wrong with that if for example a married couple is getting over $ 50,000 a year from Social Security?

Does it not count?

Edit:
Yes I am aware what happens to the 50 k when one spouse passes so each do your own planning.
 
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   / Retirement thoughts Past Present Future #1,535  
Fuddyduddy1952 said:
...I can't imagine retirement at any age looking at SS as part of their retirement income...but that's me.
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I guess I didn't catch that before.

If you go to a financial planner, they'll definitely figure in your SS as part of your retirement income. I know we are. Mine will be over $2300 per month at 67 and over $2900 per month if I wait until 70. That's not insignificant. That's $27,600 - $34,800 per year. My wife will get more. While we are not counting on it, and will make more from our investments, it's still a significant amount of money. Mine would cover all of our utilities, groceries, property taxes, home and insurance and a lot more.

If you've never talked to a retirement/financial planner, it might be worth a visit. ;)
 
   / Retirement thoughts Past Present Future #1,536  
For you young'uns: I took a night school course in investment planning when I was 30. Instructor said retiring comfortably should rest on a 3-legged stool: SS, pension, savings. You need to start investing if the other two will be deficient.
 
   / Retirement thoughts Past Present Future #1,537  
My stool has only two legs - no pension!

I take it you include 401k etc. in the 'savings leg'?
 
   / Retirement thoughts Past Present Future #1,538  
Yeah that advice was over 40 years ago when pensions were common. But it got me thinking. My purpose for taking the course was I had made some money renovating rental properties and wondered how to invest it for the future.

After that course and some thinking about the future, I went back to college for a graduate degree that got me into a job that did earn a pension. And more important as we get older, the pension includes lifetime medical insurance. So we don't risk medical bankruptcy - the cause of the majority of family bankruptcies.

Retired at 54. Still comfortable.

Things are harder today for a person to make a good income and put away savings. Before kids, we lived cheap and put 25% of gross income, the maximum allowed, into IRAs every year for a few years.

Study 'time value of money'. Time is a powerful lever to turn small savings now, into good income may years later.
 
   / Retirement thoughts Past Present Future #1,539  
MossRoad said:
I guess I didn't catch that before.

If you go to a financial planner, they'll definitely figure in your SS as part of your retirement income. I know we are. Mine will be over $2300 per month at 67 and over $2900 per month if I wait until 70. That's not insignificant. That's $27,600 - $34,800 per year. My wife will get more. While we are not counting on it, and will make more from our investments, it's still a significant amount of money. Mine would cover all of our utilities, groceries, property taxes, home and insurance and a lot more.

If you've never talked to a retirement/financial planner, it might be worth a visit. ;)
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Biting my tongue
 
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