Thanks to all involved in starting this thread and thanks to Tony for taking an interest in sharing some of his secrets to retirement. When stating that one needs to construct a financial roadmap of retirement funds, I'm a bit confused because I have some 401ks from my working career prior to government. I guess its safe to say that nothing in written in stone, but one should at least know the ballpark figure of the various financial streams, and know when to withdraw from them. My problem is figuring how much I need in retirement.
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Planning for Retirement
- Thread starter rakendzior
- Start date
rakendzior
Member
pmaloney - first check out my reply to boygolong. Some of what I said there may not apply to you since you say you could live pretty well on what you expect from a pension (?) and SS. Right now I have no idea how old you are, which in turn leads to how many years you have to go before you qualify for a pension and/or reach your SS FRA (Full Retirement Age), one thing you might focus on is if you expect to live in your current home and whether or not you still have mortgage payments. If you do, I encourage you to recalculate your current mortgage payments such that it's completely paid off on the date you retire. A relatively simple calculation will give you that number. And without trying to get too deep into the weeds, that opens up the possibility of using some of your equity to finance the GO-GO years of retirement, before you fall into the SLOW GO years, etc.
Well, I'll bite... every time I try to tackle Question 1, "How much do I need to have saved up for retirement?" I am struck by the fact that financial sites tend not to even mention pensions, which surely must affect how much of a lump sum one should have on retirement day. Heck, I don't even know if having a pension puts me in the minority or not these days. But I think most, if not all, of us feds have a pension. So, how do I calibrate in my pension (if at all) when trying to answer Question 1?
Rick
Rick
rakendzior
Member
First, my profound thanks to the powers that be who invited me to participate and talk about retirement. My life today is about helping others get ready for their transition from working for money to having money work for you. Lots of questions to ask, and answer, before that happens. Don't ever hesitate to ask me questions and I'll do my best to give you my thoughts.
