“When I reach retirement age (70+), my 401(k) will be mine to do with as I please.”
If your lucky. The Government may force you to roll it into the Social Security System or devalue it through inflation.
What is the inflation rate going to be in the next 10 or 20 years? No one really knows. How do you plan for an unknown like that.
-———devalue it through inflation.———
You misunderstand the plan.
If halfway decently invested the plan will inflate too. That inflation will be salvation for Social Security
Only if poorly or haphazardly invested will a 401k be worth less
We are planning on at least a 20% purchase power drop of our IRA.
We raise chickens in the summer for the freezer, and have a flock of layers year round. The eggs we don't eat go to our church's food bank.
The house we built in retirement was from the proceeds of the house we sold before moving here, we both drive used cars.
We both work, the wife full time, me part time, it will probably be that way until we are 65/66. Not a big thing.
I was a big fan of Dave Ramsey, who preaches no debt and being out of the market five years before you hope to retire. It sure helps.
Even now in retirement most of our IRAs are tied up in annuities, so we are effectively out of the market.
I think this forum can be very useful to our younger members who can benefit from the advice/trials/tribulations/successes/hardships of the retiring 'baby boomers'.
P.S.- retired or not, take the time to write to your Rep/Senators to tell them what a good/lousy job they are doing.
Become involved with your county political party, and make your voice heard, work on campaigns for the good people coming into the scene.
Don't forget to pray, both for the good guys and the bad guys.
Our family, and our country have been blessed by God almighty, and we have much to be greatful for.
With God all things are possible. He might even deliver us from the "Annointed One", but I bet He expects us to work hard to get there.