Money Plans for Retirement (55, pensions, move, social security)

[Waterlily]

Do you have your finances figured out for your retirement years?

We hae figured out most of it but I worry that it won't be enough. Still when I look at the totals it should be enough. Who can say how much is enough?

My husband and I'll have 2 pensions and a small 401k. Plus we'll get S.S. once we are old enough. Still I am a concerned about the future cost of things. I don't suppose there is a fool proof plan for retirement years.

[magrack]

Biggest thing, IMO, is making sure you own your home outright before you retire, and have no other debt.

A few bucks in the bank for emergencies (new roof, plumbing repairs and the like) and three years expense money including food, fuel, utilities, etc.

Once you retire, you'll adjust.

I realize some will think that's not enough, others might have trouble amassing savings to meet that criteria, and I certainly have no idea of the worth of your pensions or your 401k(s) and can't factor those in, but that's the minimum, IMO.

[Sgoldie]

Two pensions sounds like a pretty foolproof plan for retirement. You're lucky to have them. Most people don't.

[Waterlily]

Good suggestions magrack! We are working at paying off the couple of things we have left. We'll need to finish paying off the car. Then it'll be time for retirement. Yippie!

Perhaps I just worry too much.

[Cattknap]

We will retire next year - DH will be 62 and I will be 57...we will move and relocate to the south where we will pay cash for our house. We will have a pension and investments that will allow us to basically have the same income that we do now in So. California. We plan to travel and enjoy all the things we do now but with more time and no house payment. Life is good.

[yellowsnow]

Can anyone ever have enough?

I think all those estimators are wrong. They say you need millions to retire. Sounds like work till you die propaganda to me! I really believe they are figuring retirement with no change in standard of living or activities when in reality, most people know these things will change after they retire.

I will save a load of money by just not going to work every day!

[ontheroad]

Things do change, but if you are prepared financially, and psychologically, it works better than you think. And money is elastic and nothing stays the same. My insurance has gone up, down and up in one year, but other expenses have decreased. Hopefully, it all works out in the end and I'll be able to eat more than catfood.

[ghaase]

My husband retired tow years ago and I'm still working (I'm 52 years old). At this point I've decided to save every penny to add to his pension and IRA/401k. Our home will be paid for in 1.5 years and that will provide more liquid cash for "stuff". I worry more about nursing home care costs if one of us needs it....With the cost of things is it really the golden years?

[mimi2007]

I found a very excellent article today by Humberto Cruz titled, "Study sets guidelines for saving for your retirement." There is a link in the article to the actual study which was published in the April Journal of Financial Planning. It was very interesting read.

http://www.sun-sentinel.com/business...7255351.column

[TuborgP]

Don't let anyone tell you teachers are not well paid. My wife and I are both educators and where else today can you get a pension that pays 50-65% of your salary for life after working 30 years. That along with the 403B possibilities schools systems have and social security can make for a very stable retirement future. Reading in this forum should be required for all of us educators so we realize how good we have it.