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They are surprised that IRAs and 401/403 etc are third behind SS and pensions for retiree incomes. As pensions go away for most I can see that changing. The RMD must play a part in here at some point.
Personal assets are funding my second life at the moment. I'm not quite at official retirement age. My 403 and pension under my control will be my primary assets going forward. SS comes later.
For the younger ones here, believe me it works. Save for your retirement/repurpose at whatever amount you can afford. Start early. You will be amazed later on if all goes well.
"Also, how many were forced into retirement via layoff or something else."
Yep that is a big factor in recent years. Also, a delayed factor will be those who found new work at a later age but at a much reduced salary/wage.
I think the first half of the baby boomer generation '47 to '55 - are the ones with a real chance of retiring with some security, comfort. Some, not all by any means, had the possibility of defined pensions, 401K, continuous employment and collecting SS at an early age.
I retired 8 years ago at 51 and have been spending about 20% less then I first estimated - purely overestimating spending, not cutting back. But, projecting my net worth out for 30 years my small pension and SS are now an important part of keeping me secure. Without that I probably wouldn't have retired so early - even at the lower spending rate.
Sounds much like my situation. I retired at 52. I also reduced my spending, waiting for the retirement funds to become available for use. SS plays an important part because when I do take it, that will be less from my own investments which should do better on appreciation. Of course, my crystal ball is well worn and has cracks.
Comments
Regards,
Ted
Personal assets are funding my second life at the moment. I'm not quite at official retirement age. My 403 and pension under my control will be my primary assets going forward. SS comes later.
For the younger ones here, believe me it works. Save for your retirement/repurpose at whatever amount you can afford. Start early. You will be amazed later on if all goes well.
Also, how many were forced into retirement via layoff or something else.
Yep that is a big factor in recent years. Also, a delayed factor will be those who found new work at a later age but at a much reduced salary/wage.
I retired 8 years ago at 51 and have been spending about 20% less then I first estimated - purely overestimating spending, not cutting back. But, projecting my net worth out for 30 years my small pension and SS are now an important part of keeping me secure. Without that I probably wouldn't have retired so early - even at the lower spending rate.
Sounds much like my situation. I retired at 52. I also reduced my spending, waiting for the retirement funds to become available for use. SS plays an important part because when I do take it, that will be less from my own investments which should do better on appreciation. Of course, my crystal ball is well worn and has cracks.