Three necessities. One is to pay off all debts, including mortgages and car payments. The other is to stay out of those retirement savings as long as possible. The third is to not have huge debts anticipated...roof, plumbing etc...get them done before hitting retirement.
If you retire before reaching that point, continue bringing in income, even if it's a yucky retail or restaurant job, until you've reached that point.
I've done it that way. You'd be surprised how little it takes to comfortably live on when you're at that point.
Ohhh...one more thought. If I had to stretch the budget even more, the day could come when to do that it would mean no auto. It's a good idea to live in a place where you could survive without a car if you had to.
Re your auto comment: Urban areas (where you don’t NEED a car) are also the areas most dangerous if the SHTF.
The house and one vehicle are paid for and the other car will be paid up this Summer - took the loan on it because it was no interest.
We both have retirement plans and hopefully SS, and are probable better off than many because we had a while to plan and to execute the plans. We will probably be fine unless inflation really screams and if the health care debacle displaces my military TriCare which I expect to be one of the next steps if Obama Care survives - being tied to the government as retired military and soon to be retired DOD civilian, we are less likely to be as exempted as those who the Dems count on as voters.
Have enough "luxury" items (TV/Internet/Phone w/internet, etc., that we can find ways to eliminate costs along with going to one car once I retire.
Makes me understand those who (rightly or wrongly) were promised retirement funds that went bust as unions and others took some hits - firmly against the union "sweet deals" but I can understand what it must be like to have the rug yanked out from under you with little or no time to develop a Plan B.
If I'm concerned, I figure there are many who are scared to death about their futures.
I live in rural area but all of my neighbors could car pool!