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Close Topic OptionsMake Your Money Last In Retirement
Make Money Retirement - Politics, Business, Civil, History - Posted: 2nd Jul, 2006 - 8:47am
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Post Date: 1st Jul, 2006 - 12:36pm / Post ID: #
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Make Your Money Last In Retirement
MAKE YOUR MONEY LAST IN RETIREMENT
QUESTION: I'm about six months shy of 62 and expect to be laid off soon. I'll have enough savings to hold me over until I begin collecting Social Security, and after that I'll have Social Security plus about $320,000 in an IRA rollover. Of course, I'll also have to pay for medical insurance until I hit 65, when I can enroll in Medicare.
Ref. https://money.cnn.com/2006/06/30/pf/expert/...eymag/index.htm
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Post Date: 2nd Jul, 2006 - 8:47am / Post ID: #
Retirement Last Money Make
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Your projected expenses during retirement will also help determine how much money you'll need and how much you need to save to get there. Certain costs (e.g., food, utilities, insurance) will be shared by almost all retirees. But you may still be saddled with retirement expenses that many retirees no longer have (e.g., mortgage payments or a child's tuition). Expenses will also depend on the type of retirement lifestyle you want. How many nights a week will you dine out? How much traveling will you do? These kinds of questions will give you a better idea of how much money you'll be spending once you retire. In general, the greater your anticipated retirement expenses, the more you need to save each year to meet those expenses. Consider hiring a financial planner to help you determine how much you should be saving for retirement. |
When planning for retirement, you need to determine when you plan on retiring as well. Remember that if you retire before 65 you will need to pay for health insurance yourself because medicaid doesn't take over until 65, thats if its still there. I have been told to always over estimate so that you will be surprised if you have more than enough during retirement.
TOPIC: Make Your Money Last In Retirement