“The IRI found four in 10 baby boomers have nothing saved for retirement, ...”
In many boomer households nearing retirement, both spouses worked so they will have $40K-50K in Social Security income. That’s the annuity equivalent of about a $700K lump sum.
No sweat then, that's a government promise!
My wife and I are going to need to consult an expert: she's been a federal employee her adult life, and I've done public and private sector work.
She went to a retirement seminar last month, and she was bursting forth with "great ideas." LOL, the first one was an ender: "if you can hold off on SS until you're 70...", to which I said, "that ain't happenin.'"
I've crunched all the numbers, and we're good to go in 18 months, when I turn 63...IF we can pay off all of the consumer debt, leaving just the mortgage and utilities.
It may not be a Cadillac retirement, but I won't need much. I'll stay busy doing different things, I know how to stay busy and productive. For example, I'm a catechist at our church, and there are plenty of volunteer activities.
One problem I'll have to head off at the pass are kids and in-laws coming to us for help. Our "emergency fund" is my 401k, and that stays in my name.
Hey everyone, check it out! Here’s a guy who still thinks you will be able to count on “Social Security”!
If your spouse dies before you are eligible for SS, you get survivor’s benefits, like I do. However, it also means that you will not be able to collect your own SS benefits-ever-unless you quit getting theirs. So not only do I pay into SS when I have steady work, but I’m basically financing most of those supposed “survivor’s benefits” that I get-what a great deal...