Do you have a guaranteed pension?
I have three pensions. What’s the problem?
Do you have a guaranteed pension?
I have three pensions. What’s the problem?
MisterVeritis (08-18-2019)
I dont know much about this, but here is what I have always been told. There are not sure things in life so you can only do the following to properly plan. Your retirement planning has multiple legs that is stands on.
1. Pension if you are fortunate to have one. If you do keep an eye on the annual report and take note of the funding ratio. (this applies to private pensions). A ratio above 115% is very good and above that better yets
Depending on that ratio you will want to consider strengthening other legs
2. Social Security, again keep an eye on how they move things around. Changes are coming
3. The big dog is your 401K and private savings. This is the area you control. Get any match from employer you can get and save as much as you can. Remember life is for living too so balance saving and living life.
4. Real Estate. Try to own your home and pay it off prior to retirement. Consider local income and property taxes on where you will retire.
5 This is most important in my mind. Your Health. Think about your health realistically. How long do you expect to live. Do you have chronic conditions that will need treatment. If you are health stay engaged and work as you can.
6. Health care costs. Try to make it to Medicare age before you retire. When you get there if you can afford it get a supplemental plan! Medicare DOES NOT cover everything. If you have access to HSA build it up as much as you can as you can use that never taxed money to pay premiums on supplemental care coverage
Each persons situation is different so the amount saved and the type of investments are highly personal and no one can tell you on a forum like this what to do.
Consider the factors above and plan the best you can for yourself
"Don't piss down my back and tell me it's raining"----Fletcher in The Outlaw Josey Wales
Captdon (08-19-2019),MisterVeritis (08-18-2019),Peter1469 (08-18-2019)