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21st Century Income

Posted by eddempsey (My Page) on
Wed, Jun 18, 08 at 14:37

Does anyone know any other ways I can save up for my retirement besides just social security, 401K and IRA's. I learned somewhere that you also have to have personal investments and a portfolio to actually live comfortably during retirement. Is this true?

Here is a link that might be useful: 21st Century Retirement


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RE: 21st Century Income

Do you have a company-provided/operated pension program?

Some do, but an increasing percentage of all workers don't, any more.

And many companies are getting out of the game of providing for health-care for their retirees, which quite a few did, formerly.

Many claim that Social Security cannot continue at current levels of benefits, when the great wave of the Boomer generation is receiving benefits and there are many fewer members paying in than in earlier years - in other words, they'll run out of money, unless they reduce benefit levels.

Figure out what your current income is.

Then calculate what level of income you can expect in retirement, under current circumstances.

Consider also what level, if any, is provided for an increase in benefit levels to allow for inflation.

Many claim that a number of retirees will be able to live at a similar lifestyle level as currently if they have retirement income about 70% of their income level at retirement, as there'll be reduced income tax, less need to commute, have upstyle clothing, cosmetics, etc. But don't forget - that with free time, you may want to travel about as much per week as you did when driving to work. Do some calculations to see whether that 70% level might apply, in your situation: maybe not.

Do you have enough potential income at retirement to suit you? Plus adequate provision to offset inflation?

Either soon after, or later, you may choose to downsize your housing level, and use less than the full oproceeds to buy a smaller home, or a condo, possibly in a less expensive area, leaving some extra to invest to produce enhanced income.

Or you might choose to withdraw some of the value of yur home using a reverse mortgage, though some prefer to arrange something similar to a regular mortgage, or a Home Equity Line of Credit, in order to avoid some of the strat-jacketing involved with a reverse mortgage.

If you lack sufficient projected income, you'll need to set up an investment program, preferably now, but at least, soon, to provide increased income following retirement.

Good wishes for arranging things so that you have slightly more than needed ... rather than slightly (or, horror of horrors, substantially) less than adequate. Eating turnips twice daily of necessity is no fun.

ole joyful


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