How Will You Pay for Retirement?

hi:my name is dale i'm 55 and i am scared to death about retirement,about 7 mos ago i lost everything i ever had in life to a fire,so took everything i had left and brought a home and now i am in house broke,at 55 i look back and wonder if i should have brought the home at this age and think if i will be able to keep it later in life will i have enough or not.

I just retired, having reached age 62 at the end of April. I won't receive my first check until the end of June. Although I've retired from the nine to five world, there is no way I can sit back and relax.

I helped my children who struggled with finances (as well as with babysitting) when I could have been saving for retirement, but I would do it again.

Today, I received good news! One of my articles is to be published by a magazine. It's not much money, but its a chance to write more. I also have one co-authored book published. For me, writing is one way to supplement my income. Who knows, I may do well.

In any case, I love to write. Retiring is not what it used to be.

I worked as a fed for almost 20 years, and they have a pension with a COLA adjustment like our Social Security does. In addition, and where most people fail, is that starting at age 25, I have put in deposits to IRAs and 401k's. Whereas now I make withdrawals. Both have done well. The nos. will be OK ad infinitum, but an individual has to plan their $$s. So few do!

In addition to social security and savings, we have found a few rentals are a big help in retirement

I have been in the insurance business since 1965 and started an online business providing international health and medical insurance for missionaries and expatriates in my retirement. I work from my home and it has provided wonderful additional income which really helps and I am providing a great service. I would recommend a home business for those going into retirement for extra income.

I retired nearly three years ago aged 66 from the state of Nevada. I had figured I had planned well and I would be okay, but with rents going up here faster than my age, power same, gas same, I am really starting to worry. I have a modest pension and the government cut my social security 45% when I retired due to the Windfall Elimination Provision, which reduces social security retirement if you work for an employer who does not withhold SS taxes from your salary. This is a very unfair law and only affects those who worked in a government (city, state, feds, county) job. Now, on the threshhold of 70, I pray I don't have to go back to work.

I have a defined benefit retirement plan, A 401k plan I have invested in. I also have a stock portfoilo. I will have at least 100% of my income when I retire.

I "diversified" my portfolio and lost most of my money. I will never trust an investment firm again.

Now I am resigned that I will have to work for the rest of my life. Hopefully I won't last that long.

I retired last year at age 58, I won't receive Social Security for at least 3 more years. However, instead of buying as gas hog and expensive I have purchased small economy cars, such as my corolla 2 years ago and before that a Pontiac Gran Prix, the extra money saved on gas and high payments went into my 401k and IRA. I have contributed to IRA's since 1981, and to a 401k for years. Also have a military pension and with part of my 401k I purchased an increasing payments annuity. Will draw from the IRA's at age 70 1/2. I do not waste money on cell phones but only a land line. Those who are hard up at retirement did not budget and economise during their working career, because of this they are broke at retirement. My self control of paying myself first and living on less that my income has allowed me to retire early and have money for travel and other recreational activities. I also have a garden and do volunteer work to keep active two days a week. Those who spent like crazy during their working careers for all these big things are now not having a good retirement. Each person needs to take care of themselves and then they won't be worried about depending on someone else for their retirement.
You reap what you sow as the saying goes.

Wow,
I have always been a saver and worked for corporate America. As a professional, I am paid well, have a defined benifit pension plan, early retiree medical is available and I have significant savings for retirement in excess of $750,000 plus a house that is equal in value that will generate additional equity when I downsize. Having a certificate in financial planning, I have looked at several profiles and I should be able to conservatively retire in a couple of years at age 57, I hope. But the unknowns of early retiree medical being eliminated at the employer's whim, pension plans possibly being discontinued or future bankruptcy (fully vested and funded at this time) and social security and medicare are doomed to be changed by congress - how can one plan effectively? It is a gamble. The fact that life requirements will change and income sources may also - I wonder how anyone except the very wealthy can plan a secure retirement.

I started working for County Govt. in 1972. We have a defined benefit plan - County Retirement Act of 1937. It pays about 2.7% times years of service (36 for me) times your highest 12 months consecutive pay. That alone gives me about 94% of my pay. I have contributed to Social Security, so I will get that at age 66 (or maybe 62, I haven't decided yet). I also have purchased a house plus 3 rental houses over the years. That gives me tax breaks plus a positive cash flow that pays for my house and then some. On top of that, I started putting $5.00 a month into savings. As I got pay raises, I would add about 42% of the extra money to my monthly deposit. In 1980, it went bi-weekly so I doubled my savings. I know have $700.00 every other week going into savings that I never new I had.

If my husband and I had listened to his parents "your trust will take you through retirement, if you use it wisely" , we would have never been ready for retirement.

What my in-laws are using to carry them through the month is enough for their life style.......but when they die and it is disbursed.........well.........it is a very small amount considering what we would need to keep us 'in the lifestyle that we're accustomed to'

I have not be a spend thrift, but I've always believed in living for today. My husband on the other hand has always been a saver. On each yearly pay raise my husband puts that much more into his 401K. If it were in the bank, I would spend it when he got paid. I never miss the extra money because I can budget according to what I have.
We have life insurance policies that will cover the mortgage if something happens. (Although, I've been advised not to pay off the mortgage with the dollars). We have other properties that are investments and can be liquidated if need be.........My husband has done his 'home work' and I'm glad!!

My children (we've raised 4) have always complained that the "Jones" have more and why is that???? We've chosen to save, save, save.................and if the kids suffer a little..........well.......maybe they will never have to worry about taking care of 'good ole mom and dad'

I'm one of the lucky ones. I have an employer pension plus a 401k and social security. My income will actually be higher when I retire than when I was working. I will be able to retire at the age of 60 with employer paid health care until age 65. I did make some choices along the way. I elected to put away 20% of my base pay into my 401k. My employer matches that 20% with 4%. I live in a modest house that is paid for and I'm careful with money. I beleive it is each persons responsibility to prepare for retirement. I've been given the oportunity and have taken advantage of it. My one fear is that the government will some day say that because I did all the right things to provide for retirement that I don't need social security. I worked hard all my life to provide for my wife and myself in our retirement.

If you think u can retire on ss your insaine,why don,t our useless Reps.retire on ss instead of $15,000 a month,and free medical.
This is a country where our leaders have it all and the workin guy,has
to bite the bone,The Empire of America what a joke,were at the bottom of the barrel,compared to many other countries.ect.People i speak to are finally wakin up to all the power hungry corrupt.crap.
But its to late were a dead country.We will destroy ourself very soon.
or the Mussluims will Nuke us.they have plans to Nuke washington,
and new york.Let see our great government fix it..

I planned far ahead for my retirement. As soon as I could, I maxed out my 401K contribution. In essence, I payed myself first. When given a raise, I increased my savings into the 401K or into my savings account. I developed skills for doing anything around our house as needed. I started building demolitions when a new highway was built in front of our house. I sold items from that project. At 50 years and 2 weeks old, I retired from a manufacturing job. That will soon be 10 years ago. We cruise or vacation twice a year. We are blessed to be living the American dream but we worked for it. I continue to use those handyman skills. I give my labor to church members, they in turn tell family about me and I get more work than I want. After all, I am retired!

well i work for a school district and earning on my retirement and to my understanding they will take my last three highest years earning and will retire on that at the age of 62 year plus my s.s.so I'm 52 and have 10 year to retire if god so choices

John Cruse other countries tax very high both in income tax at 50% or more to provide a good retirement and medical care, in addition they have a very high value added tax. In many countries this tax reaches 80% or more, I have lived outside the USA. If you and other americans are and were willing to pay these high taxes we would have worry free retirement. However, from what I have seen americans want everything, but don;t want to pay for it. You get what you pay for, also companies do not pay for employees health insurance the government does through high social services taxes. I sure bet your not willing to pay these high tax rates. If you don;t want to pay them and don't save the difference between USA taxes and foreign to plan and pay for your retirement, stop complaining. Take responsibility for your own retirement as I have, if you don't then suffer the consequences.

I am in my mid 50's and would love to retire by at age 65. I do have some retirement in 401K and social security (maybe). Other than that I will have to sell my home and live off of the equity and I will not be able to afford health insurance so will have to risk not having any insurance and hope I don't become seriously ill.

I am six years older than my wife and my family medical insurance will end when I am sixty-five. My wife has a medical condition that will maker her uninsurable. Despite having a good income, savings and a public service pension we will be in financial trouble if her illness becomes active during the six year period after my health insurance expires and until my wife reaches 65 and is eligible for medicare. What kind of society leaves its hardworking citizens with such dismal options and worries when the wealth to support its citizens is readily available if put to use for health care purposes?

We have taken control of our futures by starting our own network marketing business. We are both in our 50's, had great jobs with teriffic incomes and health insurance benefits but did not see the future for retirement with the same lifestyle and started the business 3 1/2 years ago and are in a position where we have walked away from our full time jobs because we are able to support our lifestyle on our income from this business and are now able to devote our full time to building to the point where we are going to have a stable, growing, residual income when we decide we want to walk away from the day to day business operation.

You never know what tomorrow will bring. All you can do is plan and work the plan. I saved from 1977 all the gov't would allow in an IRA. When Reagan upped the amount, then we put that in. The Lord blessed the savingsa and in 2000 we bought a house which we paid for in 6 years. (Put up 2/3 of the cost.) SS will pay and who knows for how long. Savings in IRS'a and other will make about 75-80% of pay. Have plans of downsizing when the money runs out. Don't want to be a burden on the kids. No complaints. Plan on retiring somewhere around 70 and not taking SS until then. 66 now.

I have a retirement plan at work,I am 54yrs old and still have at least 10 more years before I retire,

I retired in March at age 61 with 30 yrs in DoD--so I have a govt retirement. I moved from CA to AR, in order to buy a house! I have never in my life owned a home, so who would think I would be able to do this in retirement! But my mortgage, taxes, and insurance payment is less than my apartment rent was in CA ! I traded in my luxury car, for a new 07 Toyota Camry, bringing my car payments down almost $200 a month. Who needs a luxury car -- especially one that requires premium gas!! Within 3 weeks of retirement, I was bored, so I applied for a morning job at Kohl's. Not the greatest place to work, but it gives me something to do a few hours a week, and extra spend money! I have learned one thing -- I feel sorry for those who HAVE to work at places like Kohl's for minimum wage! I just don't know how people can make ends meet! I will be eligible for social security in Jan--maybe I will give up my little job at Kohl's -- maybe I won't. Life is too short, and I have alot of things I want to do yet. I hope I don't have to dip into my investments anytime soon! I was taught at a very early age, to save, save, save for old age. I just wish I had saved more--but then I would have not experienced alot of good trips, etc.!

I am 61 and my wife is 44. I retired from Boeing when they sold to Spirit after 33 years with them. We saved through a 401K plan and rolled everything over into an IRA for later. I am planning to work part-time and draw my social security early at 62 and work about four more years then retire completely and draw off our IRA, my pension and social secuirty.

We have already sold our house and down sized and now own a mobile home. We are paying everything off and plan to live simply and travel later. I feel with the way social security is now and not knowing what the government will do, I would rather draw less over a longer period of time than wait until full retirement and draw more over a shorter period of time, or even worse they change the amount before I can even draw it.

I feel sorry for the younger generatiions and what they have to look forward to or not to look forward too. I don't think our government is going to do anything and just keeps sweeping it under the rug for someone else to deal with. It is not going to just go away by itself. I wish I could spend like they do and not have to balance the checkbook or worry about where it is coming from.

By starting investments soon after finishing college and getting married we put away money constantly, small amounts at first, and as increases of income larger amounts.

Early on we got shares of local company and the golden advice: invest for the long term. Mr. Buffett isn't the only one who can and does play that game.

We now own about thirty stocks and a tax exempt bond fund. That gets our former house payment and is the main emergency fund, and the source of cash for annual property taxes. Both of us have Roth and regular IRA's. We now have to take annual distributions. These are reinvested as well.

We live on pensions and SS with money left over. All earnings of our stocks are reinvested or held in cash reserve. We wear out our cars, and with the above reserves pay in full on delivery. Our primary car is a hybrid which gave us a big credit on last years federal tax bill.

Our health is fine and we use bikes (pedal not motor) for local movement. All lights in our house are compact fluorescent with exception of oven, ice box and the shed. Every watt counts.

We have wills and our assets are in a family trust. Allmost all investments are from our own research. The broker mentioned above put us on track with that one stock. We got other shares though him, but our choices. We still hold almost 90% of our choices, the remaining went belly up. Minor cost compared to more than forty-five years of gains.

We paid our dues, we now enjoy a dozen years of comfortable retirement, and look forward to many more.
duke

I am divorced and started a new life in 1993. I baically had only my clothes. I went back to college and graduated in 2000. I believed that to break into the job market I had to get a great education and a recent college degree. I am now 51 and basically started to save for retirement 7 years ago through 401k. My saving is under $20,000 although I have been saving 10- 15% of my salary over the time. I have very little savings.

I plan to work as long as I can but I am extremely worried. Although I have talent and is well educated -with several graduate degrees, it is very difficult. I am relying on my 401K for my pension and my hopes is to buy an investment property as soon as I can.

This is really a scary situation because I am from a family that has longevity, but I am in a society that tends to not hire older people. I am banking on the fact hat I tend to look younger than my age to help me. I plan to work in corporate America (because they pay a little more) until I am 60 and then teach in a university as an adjunct till I am 70 and hope I would have earned enough to live till I die.

My retirement consists of Social Security, military retirement from 7 years active and 15 years reserve, and State Employee retirement from 30 years work. I never received the salary many of my contemporaries got from private enterprise but I was working in jobs that had good retirement and medical benefits. I could have earned more money and played the investment game but felt more secure doing it the way I did. A lot of my retirement comes from investments made by the State Pers system. I believe they have made much more money using my and the states contributions than I could have made on my own. If retirement depends on individuals investing on their own most people will not invest enough or invest wisely enough to ever afford to retire.

We are going back to the dark ages. The Lords and Masters of the Land (corporate world, and whoever) steal the crops and meager wages of the serfs and give nothing back. If people think we have progressed beyond that they are fooling themselves. The system is just more complicated

I am hoping to be able to work until the age of 67 and am paying 10% of my income into a retirement plan at work. I will not receive a pension from my work unless I am able to work to the age of 70 1/2; which seems unlikely to me.
I have picked the age of 67 because that is when I will be able to draw a larger Social Security payment.
I have a very small IRA and almost no other savings.
I am aware that I will need a lot of luck and prayers to make it.

I've not had the benefit of being in a place to plan retirement although I'm 62. 4 years ago I was forced into unemployment permanently due to an untreatable and progressive form of MS.
Due to a previous diagnosis of very rapid lymphoma w/ a prognosis of weeks (4 weeks after our marriage) and being one of other middle-managers 'outplaced' by the acquistion of our employer, my new wife fought severe depression. In my early 50's then, I only found part-time employment and had no health insurance for either of us. Within 3 years most of the $300,000 I'd placed in my own retirement funds were depleted.
In the past 10 years I retrained for another career and was blessed by a surprising inheritance. We again could plan while visiting 9 neurologists + to diagnose and treat new symptoms. Only months after being told I would never work aagain, months of no health insurance again, and days of nearly dying from double pneumonia I was diagnosed with Primary Progressive MS. The Dx was a relief from the mystery. Again we've learned to cope and adjust.
Yet I fear we will have no savings and likely no substantial property when we reach age 65. At that time I'll also take a cut in SSI benefit. I dread living my last years at a level of poverty like I lived as a child, when I remember falling asleep crying from the hunger of not having enough food or wondering why I only had clothes that cousins had already used.
Stop the pity party! I'll continue searching for possibilities to plan for a somewhat better retirement. Divided? We already are failing!

It is harder everyday to work due to health, but I have to force myself to continue because retirement seems impossible. I'll have to work until I drop dead on the sales floor. I have a 401K account and a small bit of savings, but It wouldn't last more than a year to a year and a half. I would love to retire within the next 5 years (at age 60), but as previously stated I'll have to drag my aching joints into the work place and try to work through the pain until I drop dead. Insurance is a whole other can of worms. The company coverage is lousy, but with all the pre-existing conditions getting better or new coverage at another job looks extremely bleak. I've said it a thousand times before. Insurance is legalized extortion and all State and Federal governments continue to allow it and even extend the extortion.

I do max contribution to my 401K plan and my company gives me 6% match. I also contribute $5,000 to my Roth IRA and I have a military retirement pay. Additionally I own some stocks and I am debt free except for a truck payment and mortgage. With my wife's savings we currently are saving $35,000 per year and will look to increase as my wife just retired from the miltary and we will look to get into a 401K plan at her job. She already contributes $4,000 to her IRA plan. My financial advisor stated that at my current rate of savings I can retire in 10 years (60) and will not outlive my savings.

My retirement will be funded 25% by social security, 50% by my 401K, IRA and a pension plan, and 25% by my cash investments. I prepared for my retirement by living at the same level (cost) for the past 10 years, pumping savings into my 401K and saving anything which exceeded my cost of living. I never bought anything on credit unless I could pay it off within 30 days and never lived beyond my means. I am 63 and will retire in 18 months. Growing up poor I learned the value of the money I earned and did not want to repeat my parents mistakes. We give generously to charity and thank the lord for everything we have.

I retired two weeks ago at the age of 60 from the City of Bakersfield where I was a secretary for 17 1/2 years.I received about 52% of my monthly income; however, my medical insurance costs me approximatley $400 a month.

I can collect my Social Security at 62 (the earliest possible age); however, I loose a certain portion of it because I have a retirement coming from PERS. I can't quite figure this out, because I paid in all of my quarters before I went to work for the City of Bakersfield, but I get penalized for having my private retirement.

Until I start collecting my SS I am working part-time at two different jobs to supplement the income I lost by retiring. I needed to remove myself from law enforcement, the stress of the job, as I matured, was getting harder to handle. The wisest thing I could have done was work a couple of more years, but I really needed to get out.

Living on what I'm getting now is pretty scary. If I have any type of emergency, I could loose everything.

My wife and I have made all the necessary plans for retirement except one. Health Care ! She is disabled from several Back Surgeries and is already recieveing medicare. Since I am still working at 52 I am able to keep her on my Insurance Plan to cover her Meds. I make a limited income and will be able to retire at 62 and make the same money I am making now. In addition I worked for a Fast Food company for 18 years and have a $600 a month pension I can start recieving at 65 although I may take a half benefit at 62. We are building a small side business that I will be able to derive some income from until b the day I just cant work anymore altough I never envision a day where I wont work at all. That is ion my bones and blood. Again we will have income to live reasonably well and we are frugal but Health Care scares the heck out of me. I dont think I am alone in this and believe that something will artise to assist us on this.

I am retiring in 9 days! I am fortunate to be a teacher in PA. Our retirement system is very sound. I will receive a monthly check for the rest of my life. We have investments, too. However, we must buy our own insurance. Until we're 62 we can buy it at the school district rate. After that, we're on our own. The whole insurance thing is a little scary to me. I have many friends who are retired, tho, and they seem to be doing ok. I know we are far more fortunate than a lot of people our age who are retiring.

Retirement Income Sources:

1. 401K.

2. IRA's.

3. Military Reserve retirement income.

4. Social Security.

5. Employment retirement plan.

Will have to work until at least 66. May have to continue to work in part time jobs to supplement retirement income.

I keep hearing that you should plan for 70% replacement of income to retire. If you plan to be active I would suggest that your target income will need be closer to full replacement(also you have to time adjust that retirement money - most likely you will need double that amount in 10-20 years after you retire to have the same buying problem). Of course this depends on your lifestyle. For me the key was long term savings/investments. Putting away 10% of what I earned early on in my life has paid off well for me. 30 years of consistent savings will create a very nice retirement. Also, if you are healthy you should plan to work part-time after retirement. I am 62 and retired from my original job (worked 35 years). I now have several part-time jobs that keep me active and involved and at the same time supplement my retirement. The part-time jobs have a lot of flexibility so I can take extended vacations several times a year. My retirement will be made up of a company retirement, investments, part-time work and social security. (note try to get all your investments into tax free vs tax deferred income). Contact me if you would like to discuss.

I have been in healthcare for 38yrs., just been thru a divorce lost everything, I have no savings, My health is not good, will live on social security, and pension which hospitals do not pay well for clerical. I should have listened to my father, he saved and saved. It is hard these days which gas prices, I travel 50 miles a day, yes I have a SUV, need it for the snow I must get to work, high cost of living, medicine, hospitals give 2.5% raises, our current President does not care he is a millionaire living off of his oil fields. Us babyboomers are doomed, my only help will be my son, thank goodness our children have 401 us babyboomers never had, hospitals do not pay well due to insurances companies ripping off hospitals and the public. I am 60yrs old will retire at 66yrs but still work part time if my health last, I have cancer, I will live in a house my son has purchased and pay him rent. We as a country spend billions of dollars for other countries and yet so many Americans are homeless, and live pay check to pay check. My my error was to live thru a divorce, and also to think time stood still, no time flew and now I am coming to the end, with no savings and questionable pension which my hospital does not seem to like to discuss with their employees. To go to work in healthcare for 38yrs and try to help others, at the end you have nothing to retire on. I acknowedge my error but also something is wrong with our country who does not take care of the sick and elderly. Now is America the rich gets richer and the middle class has vanished and more Americans are poor and living in poverty.

At age 57 I feel like I'll be more secure than most of my friends in my age bracket. I've always saved and have a decent ammount in an IRA; as a state of Texas employee, I'll receive a state pension, and by age 66 I'll be able to collect social security income.
My grandparents worked until they physically couldn't. My grandfather worked until he was 79 my grandmother slowed down but never really stopped. My parent retired much earlier in their mid-60's on teacher retirement.
Almost everyone I know that isn't working for the state istotally depending on social security and on the government to help them out. I'm thinking that with all of the baby boomers retiring there won't be any extra government money to supplement. It's scary to watch so many people not plan at all.

I just turned 65 this past March and plan on retireing in the first quater of 2008. I have about $320,000 in my 401 and will be getting a pension of about 45000/yr. Don't know what to do with my company 401 yet, but hopefully we will survive. My wife says I'll have to get a job after retireing, I hope not. While I still have my good health have to many things to do and see.

my plan had been for the past 12.5years to keep adding to 401K. The first 10 of those 12 years of employment I worked at, I added 10% of my income to 401K being matched 6% of the 10.
However, the past 2.5 years I moved forward to another position in a new endeavor, and had to wait a year before being allowed to add 401K. This could have happened this past Jan. and I wasn't made fully aware. Now I must wait until this Jan. 2008. This portion of my plan I regret not being able to add to 401K for 2.5 years.
In the meantime, Feb. 2007 I was 65.8 months and am able to retire. However, I am in very good health and am able to continue working, being paid a certain percent over my retirement income. If I stay working 4 more years , my social security will increase almost 500$ a month. Not much but will help.
Also attempting to save on the side..which is slow but progressive.
My husband is younger than I, but we dont want to plan on each others retirement income so are attempting to put two "oars in the water" so to speak to help stablilze any money issues that might arise ,. Knowing full well that our attempts would not be sufficient if a massive issue should arise.
He also has life insurance to cover our mortgage, etc.
We also have life insurance on me.
It's the best plan we can do for now. If anyone has more suggestions or helps, I am open to hear about them.
Sincerely, judy coen

I'm 62 and can't even begin to think about retiring. Several years ago, I lost everything so I have no insurance, 401k or savings to fall back on. Where I work, there is no insurance or retirement plan. I'm in that class of people that are normally swept under the rug and forgot about. I'm one of the working poor, living paycheck to paycheck because I only make enough to cover what few bills I have and a few groceries. I can't afford to live on the tiny little bit I'll receive from Social Security. I haven't had a vacation in 20 years. I can't afford that. I have a small home which it only cost me $12,000.00 to purchase. The down payment took what little I had in savings. I am single, I have no one to help. Ihave major health issues but can't afford to see the Dr. more than once a year. This country forgets about people in my situation. The turn their heads so as not to see us. But we are real, just as you are. This country seems to only care about the wealthy. This needs to change, but I doubt it ever will. Don't feel sorry for me, I'm happy with what little I have becuase I know it will soon be paid for. At least I have that comfort as I age.

I'm 53 and I've got a goal of saving $1,000,000 for retirement. I'm a little over 70% there. I fully participate in my 401k and stock purchase plan. I have a pension and a deferred profit sharing plan at where I work, but the new hires only get the 401k.

I will retire better than my parents as they really didn't save anything and lived off a pension (that disappeared when my father died, leaving it up to the children to fund my mothers life.)

It's taught me that I have to take care of myself cause I cannot, will not count on anyone else doing it for me. But health care will be my biggest concern. My current employer still provides it for retiree's, but they say they reserve the right to change it at any time. They're waiting for me to retire then they'll drop it.

I am in my mid 50's and will propably not be able to retire anytime soon. My boss used to pay for my medical ins. now I have to pay part of it. I have a very small simple ira, but with the market I doubt if I can depend on much of that. With the high cost of living in Florida I can barely make ends meet now, so saving for retirement is almost out of the question.Property tax, car ins, condo ins, gas, it all goes up each year. What does a person do? I would like to move up noth, but simply can't afford to. Looks like I will be working for a long time yet.

I have been divorced twice..I have to work to support only myself..
Thank God I do not have little children...my daughter is grown
I will turn 58 in August and currently am working for Fedex
I have been there 2 years and they have a pension plan.
It won't be much seeing as I am only there 2 years so far, but it will help. I do not want to retire when I am 62 because of the reduction in SS at that point.
I am planning on retiring when I am 66.
My father passed in 1974. He started taking SS at 62 at a 20% reduction. Everyone told him that he was nuts. He lived 2.5 months past his 65th birthday so I am glad that he got to enjoy what he got...
I started a 401K plan and it is growing slowly as I can't put much in it. I am also looking into starting my own business at home...
something in the line of Web designing.
To say the least I am scared.
Thanks for listening,,
Dorene

planning on retirement also hopely.I hope social security
money is their. I would like some in site on retirement
planning. as now just have military pension and thrift
saving plan and IRA. the plan is to retire in next 12yrs.
hopley.

I worked for it and retired with what I earned not counting on ssi because I know the politicians would not live up to the agreement and would penalize people who worked and lived by the rules and payed into the system! Low and behold you have them doing it! Medicare, raising the cost which they said they would not if you played and payed by their rules! Kind of like aarp take from the ones that work and play by rules and give to the lazy and ones that work the system just aarp does!
Bush wanted to do something and the libs and aarp, and others said how bad it was and now they are touted it to be done! My advise is to work hard do not trust the politicians or org"s like aarp!

within next 12yrs hopely I can retire.please send info
retirement

Figured they would not let me post because they do not the truth about their bed partners the libs

I retired around 5 years ago because of open heart surgery at that time or probably wouldn't have done so. I thought FERS would have been OK, I missed CCRS by a couple weeks or so. I also thought my military time would count but it counted for nothing except time. So I retired with only 17 years of service with the Govt. Amount of pension I received would put me in the poor house and I was forced to go back to work and still working at 77 years old. How long I don't know. It really sucks is all I can say
The FERS was a good thing for the younger people but not for me at the time.

I flew as a flight attendant for TWA for 20 years until I was badly injured in 1985. I received a disability payments for the next 16 years until TWA went bankrupt taking my benefit with it. It was self-insured and despite years of effort to have the courts force the airline to establish a dedicated fund from which to pay workers injured on-the-job my efforts were fruitless. So at age 58 the payments simply stopped and six and a half years of litigation has been fruitless.. I have a real estate license and have managed to survive minimally with some sales. I am in constant pain and there are long periods when I cannot function. I am terrified of the future....now at 64 I wonder how much longer I can keep going. Social Security and my modest savings will hardly be enough to support my living and health needs in the future. I can hardly afford to heat my home - costs being almost FOUR TIMES what they were six years ago! Will the government step in......I seriously doubt that......not until I have exhausted every resource, spent every penny and lost my home. Something must be done about the extraordinary expenses facing seniors in this country. I have worked hard for almost 43 years.....albeit lately with difficulty.....and am afraid of the future. Re health costs: by age 65 we have paid our dues......we should NOT have to pay premiums and co-pays. Elderly citizens whould have access to totally free healthcare as they do in most other civilised countries which respect their senior citizens!

I suggest an online home office business for extra money in retirement.

Instead of a reverse mortgage, which eats up all funds to leave children, I'll sell, pay cash for a lesser home with the rest being in cd's earning interest to aid with daily living, plus a pension and social security. Living in California, with house prices being high will enable me to do this. Senior housing is affordable to purchase to be able to do this, or a mobile home.
Many of my 60's friends are in the same boat as I am and doing the same thing. I hope the government will reallize they did to respect their elders and come to their aid with complete free health services-eyes, teeth, complete body care etc. and they need to pay the medial profession good wages to care for these folks. They should have a program for cards to use to get food has reduced prices if over a certian age-at least milk, butter, eggs-the staples if not all food items. They need half price water and electricy means for all folks to be able to live at home comfortably.

I fully retired in 2001, but my husband was working full time. In 2002 when he retired, I went back to work part time at a job that payed 1/3 of my past salary. I am nearing 70 and still work part-time because of health insurance and some credit card debt. I have an IRA but don't want to remove any funds unless I have to, because I intend to live a lot long than 70.

I have been widowed for 10 years. Fortunately, although I was a stay-at-home mom for most of my adult life, I worked to earn a graduate degree and I was able to work full time after my husband died so I did not have to tap the 401K assets or modest insurance he left. Like one of the other posters, I now find that the pension I "thought" I was earning by working for a state institution is subject to the "Windfall Elimination" clause so when I claim that pension my social security will also be reduced substantially.

While my husband was alive, we found a "middle of the road" approach to life that allowed us to travel and enjoy learning while also keeping an eye on saving for the future and making sure our home was paid off. However, one of my frustrations is that it almost seems that I am now being penalized for planning and being careful.

Medicare premiums are now being tied to income levels. Local real estate taxes are frozen for homeowners over 65 IF they meet certain income levels...I exceed those by a few thousand dollars so won't apply to me. Lots of other discounts for utilities, healthcare (etc.) are tied to income as well.

Seems our country currently is sending mixed messages. On the one hand, people are encouraged to SPEND...we have a consumer based economy. On the other hand, the alarms are now going off because "boomers" have not prepared adequately for retirement. To sum it up, it seems to me that responsible persons will be expected to continue to act responsibly while those who have been less conscientious will be relying more and more on various subsidies in retirement.

The best laid plans . . . . . but then life and reality intervenes and plans become only remembered dreams. I am 59 and my husband was 59 when he died last November, instantly of a heart attack, after never being sick a day or missing work due to illness. He planned to work until 70, putting increasing amounts into both his 401K and IRA's. I retired in 2003 and was enjoying being home after 37 years of working outside the home. Then WHAM! Everyone knows SS can't be relied on totally for retirement in most cases. As a surviving widow I can begin drawing on my husband's SS Aug. 1 (when I reach 60--which I did not know before)---his is slightly higher than mine but not by much. So, instead of drawing 2 nice size SS checks monthly it will be one only and due to my comparitively young age I am scared to take much income from our IRA's. So I will be going back to work part time to supplement the SS and small IRA draw. My caution is: plan for the worst---not the dream. Liz in Kentucky

PLAN AGGRESSIVELY.
I am already retired with a combined income from Social Security and pension of under $1400 a month; from which I must pay for health and life insurance, etc..
One can plan all they want but when it comes to retirement, you had better be doing it on your own and not depend on the company you work for because you will be left out in the cold. Those on the professional level may fare a little better but all must plan aggressively.
I can't make ends meet. I am not even up to the poverty level...but I make too much for aid from the government....even if I wanted it.
And, health insurance...that is a laugh. IF it is covered by insurance, who can afford the co-pays?
On the news comments are made that the seniors should go back to work because we have so many years left and it would give us all something to do. Most of us would not be retired today if the companies hadn't kicked us out because we were old.
Thank goodness for AARP, the only one on our side.

Fortunately I worked for a company that did have a fairly decent pension as I did retire early at 55.Not much choice though because I was laid off after 25 years with them and the wife and I had planned for many years to retire at 55 if possible. We have several little nest eggs with my big one to draw from at 591/2 and we both will have our social security to draw on at 65 also. We also own other properties to sell when appropriate too. All in all I think we will be okay when the time comes.

My husband, age 63, retired in January this year after 20 years of planning for retirement. That meant paying off all debt years ago including the home we purchased in 1971. We did move to a newer home three years ago and paid the difference in cash for what we sold our former home. Our cars were reliable but not purchased brand new. What we invested in mutual funds in the stock market stayed there whether the market was up or down. Neither of us made a lot of money but it didn't matter since we learned to not spend every penny of the paycheck without putting some toward savings and retirement. We helped our three children very little financially during their college years so that meant they worked and attended college at the same time. They learned early the value of a dollar which is only one of the many lessons parents should teach their children. Also, for the past 20 years my husband has had to endure "down-sizing" and "out-sourcing" circumstances with numerous employers so our early practice of economizing helped us immensely while he was between jobs.

I am one of those lucky persons who had a traditional pension plan,a 401k and health benefits at a reasonable cost till I went on medicare.I also lived a conservative life style and saved.I have a couple of comments related to the article:
-I do not think that the article mentioned 401k plans,only social security andI have read numerous articles indicating that the degree of funding of 401ks is way below what it shoukld be in order for people to have a supplement for what you describe as the 40% that social security provides.I have also read numerous articles about the me-me generation(s) which run up credit card debt and use their homes as an ATM machine to buy things that they do not really need but must have and right now.
-I have also read numerous articles about the problems covered in your article and notice that there is almost never a differentiation between the presence of traditional, defined benefit retirement plans in public sector and private sector.The contrast is startling.
While there are only about 18% of private sector workers still covered by DB plans the % in public sector is about 85% and such plans in public sector are significantly more generous than the 18% left in pvt sector.Plans for police officers and firefighters are unbelievably generous.A police officer in Suffolk County (NY) starts at $53,000 and will make $93,000 after 5 years--then can retire at 70% of pay after 20 years with health benefits.All of this information comes from articles in the NYTimes and USA Today.

When 9/11 hit in NY all hell broke loose. I lost my Job because of it in the State of Wa . I was working all my years in Steel Frabrication . I was devistated because of it , try to find a Job when you almost 62 thats impossible . Nobody wants to hire a Person in that Age . So i dicided to retire , good thing i have a Pension coming from my previos employer , its not very much , but every little bet helps .We moved to Idaho in Dec 02 and been living here ever since , at least Idaho is working with People who live on S.S. and have only enough to exist for the Month . I dont know if other States do the same , but Idaho at least give us a breake where ever it counts , special on Prop Taxes and other Items . Concerning Retirement when i did at 62 i do not regret one Moment of it . Because at least you can enjoy your GODEN YEARS at 62 and not with 65 or older . I am involved in lots Volunteer Work up here on Priestlake , that keeps me going trough the Month , besides i have lots free Time the things i want to do , what you can't do when you a working Fool .

I've invested in rental properties to help suplement my income in a few years.We started in our 40's to accumulate them with the mortgages being paid off by the time we are 55. Although it is technically still working, we will be working for ourselves

I enjoy working and plan to retire at 67 years and 6 months. I will have retirement income from diverse sources that include: social security, a city employee monthly retirement, dividends from various investments managed by an investment company, and rent from one duplex unit.

I think I'm going to be OK, able to live simply but comfortably in my own home, travel to see my kids, and donate a little to favorite charities.

The larger challenge for me will be how to maintain quality of life when I retire. I have some ideas and seven more years to to come up with a meaningful game plan.

Be sure to check with the Capital of your State for Guaranteed Health Insurance which most States now offer:High-Risk Health Insurance Pools: State programs that offer health insurance to residents who are considered “uninsurable” and unable to buy coverage in the individual market. Typically, people are considered uninsurable if they have been turned down, charged substantially higher premiums, or if they have been offered private coverage with an elimination rider.

I won't get to retire period. We own a small business so if I want to eat I have to keep working until I fall into my deathbed, no matter what.

While many of my co-workers were taking trips buying new cars, getting more house than they could reasonably afford, My family lived generally within our means, minimized any debt, and invested the maximum in the 401 and IRAs available. I retired at 59 with a reasonable pension, and a reasonable nestegg. currently we travel, enjoy leisure activities, have a new travel trailer, house on a river, buying a small boat. Eventually, our retirement income will come roughly 50% pension, 30% earnings on the 401, and 20% from our separate social security accounts - Mike

My state teacher's retirement (as a teacher don't contribute to Social Security) will provide about half of what I will need to retire. In addition, I contribute to a 403B and have some mutual funds which should help make the difference. I will also leave California when I retire as it is too expensive to retire here.

I am 52 years old and disabled, the amount of money that is comming in won't even pay for gasoline in another 5 years! Where will it all end, Our government is Orginized Crime as was in the 1920's they are all too busy stuffing their pockets to be concerned about Americans. But if I was here from another country legal or not, I could get Government assistant
and live the good life like so many other illegals do. Who are we going to vote for in 2008 ? they are all crooks and drug addics,why are we not drug testing in government as we do in the work place? Because we would loose halfe of our congressmen and senators,there would be no one left to make laws that they break every day!! Kinda funny aint it!!!

I prepared for my retirement by buying buildable parcels of land on the island of Hawai'i, which will one day become a very popular retirement mecca. By getting the local newspaper and watching real estate ads placed by local people, I got to know what the market was like and when was a good time to buy. Right now is a great time to buy land here, just as an investment or for a retirement home; prices are very low and interest rates still historically low. However, you must buy carefully, and never just trust a real estate agent; they earn more when you pay more. I recommend getting the papers and coming to visit to get to know the areas and do some visits of parcels for sale. Short term substantial increases in value are very likely, if you buy carefully.

I have just turned 60, and my wife is 58. I max out my 401k every year, and along with Social Security, our simple sep, and various other investments we will be just OK in our retirement. Our Government has got to come up with some type of Health Ins. to help us all.

For a lot of us in our 50's or less there will be no such thing as retirement. My husband is 74 and is still working 40 hrs per week and has social securtiy also. He is paying into social security every pay period and we still have to declare the annual soc sec income on our taxes, not right in my eyes. Husband has lost out on a full decent retirement three times starting at age 52 in 1984 when his dept was eliminated from Bethleham Steel Corp in Indiana. We still had two teenagers at home and were left with no life or health insurance. I am 59 and plan on having to work until i drop dead as I can't make it on my own wages. If husband dies before me then if one of the kids can't move in I will lose our home and will have to find an apartment that I can afford which is close to impossible in these times. Ok, I have vented. thanks for the opportunity

I will retire with half of my current income at the end of 25 years of employment. It is a government retirement plan and medical coverage is to be paid in full (without any changes in Union contracts).

I have invested in a 457 for a few years (2001).

The Social Security I paid prior to government employment is now to be prorated into my retirement. I may see 1/3 of the benefit. (Thank you Mr. Bush!) Previously I would have received both benefits independent of the other.

I will be 67+ when I retire. Most likely I will 1.) continue until I am 70 2.) work part time for another company when retired from current employment 3.) start working a second job now to help offset my loss in Social Security

Last, but not least, rely on my investment in raising six wonderful productive children. I'm sure they're prepared for Mom depending on them. (Chuckle)

My income will be manageable for a short time. The problem will occur when the lack of a cost of living increase catches me short.

I am fortunate to have what I do. I started out in life with the little cottage, white picket fence, garden, and a wonderful life. Married, retirement funds investing, etc.. Then single life thrust upon me in mid life. Just wondering how life will turn out.

Part of my retirement comes from the Thrift Savings Plan, similar to the what Prsident Bush tried to sell to Congress and the American people, which AARP pushed so hard to kill. I was only able by law to put 5% of my salary into that plan in addition to my contribution to my retirement plan. Those savings are providing me with a larger annuity than I'm currently receiving from Social Security which I had earned enough quarters to qualify for. I wish I would have had the opportunity to invest more as I didn't have to know one earthly thing avout the stock market, which was one of the arguements against the President's plan. They have a management board that handles that. All, I had to do was pick an area of what type of investments I wanted.

i'm dumping every available penny into the tsp via the federal government // to do that i live paycheck to paycheck // i do have financial planner // he sez i can retire comfortably in 3 & 1/2 years // but i can't see how // maybe i'm worrying too much about it // i just don't know

Everyone lives life differently and I'm one of those. Most of the people I know started saving for their retirement since they were very young, and now... some of them are either looking forward to the day they can travel, some are sick and probably will die before their retirement date, and some are already dead.
I started traveling since my early twenties. I went first with tour groups in which most of the people were retirees. I was always the young kid in the group. Some of the elder people were very outspoken and criticized me openly for doing things in reverse. I was supposed to work very hard all my life, save my money for retirement and then travel.
I'm glad I did it my way. I'm now 63 years old, my knees can hardly support me walking, and I had to stop working two years ago because of my arthritis. This year I applied for early retirement and the SS is really making sure that I'm completely broke before they shell out the money that I feel entitled to since I paid Social Security during more than 40 years. I don't have any other savings or retirement benefits, so the discounted SS benefits I will receive will be my only income for the rest of my days.
Of course I won't be able to live with that money in the USA, so I'm prepared to go to a third world country (Costa Rica or Colombia) to be able to survive with that kind of money there. Thanks God I learned other languages, learned to like people of other cultures, have seen the world while I was able to fullly enjoy it and don't regret my "irresponsible" living while I was able to do it. I now have my wonderful memories that no one can take away from me. I'm mentally prepared to possibly live my old age in a wheelchair, but at least I'll have plenty of movies to watch, lots of book to read, and a good stomach to continue enjoying the good food that the Lord provides. Hopefully He will call me before I'm 80... even though I still look very young for my years and kind of pretty, I'll hate to see myself sooo old that I won't want to see my own face in the mirror. Call me vain, call me irresponsible, call me whatever you want, but I don't regret my having lived the way I did. I feel actually sorry for those who penny-pinched all those years and couldn't enjoy their money at the end... like my last ex-husband! :)

In September of 2005 at the age of 55 I retired from a job at a local utility that I had for 36 years. I am collecting a pension, have a 401K, and lifetime medical benefits. I had planned on going back to work and 6 months later I went back to the same company as a contracted employee. I am doing different work but earning nearly as much as in my previous job. I started another 401 K with the contract services company. I have my business degree but I will be taking my last class in a few months to earn my Interior Design Certificate. This should enable me to move into a different field, perhaps part time for a while, then maybe full time. I also get paid for being a wedding coordinator at my church. My financial planner says I will likely need to work until I am 62, but that is fine with me as I don't really ever want to retire!

The only retirement other than social security that I will have is through my husbands retirement. I am a disabled woman and have been since 1996. I was 47 years old at the time. I applied for disability and with a so called lawyer that convinced me that I would have no problem getting it and I should not have. I was denied and now since I have not worked in 11 years (because my condition has progressively become worse through the years) I am told that I don't have enough units to qualify. Never mind that I am disabled even more with the same complaints now that I had then. They have become worse with me not working, I could only imagine how bad they would be if I had tried to work back when I was denied what was rightfully mine. I have worked since I was 16 years old and payed taxes and now when I need help, I get denied. I can't even get ssi because my husband makes to much money. I am an individuall and my rights as an individual are being denied if I can't get help as an individual but I can be disqualified because I am married. Our disability laws need to be looked at and some changes made. I have no retirement except when I turn 62 in 4 more years, if I am still around then. I would like to take this disability rule and try to get it changed, I just don't know how to go about it. My doctors can't believe that I can't get disability. I have a walker, cane, electric wheelchair and my son-in-law and daughter are paying for and building me a ramp to get my houveraround chair out of the house. They really can't afford it but they insist on getting me out of the house. I have been a prisoner in my own home, only getting out for doctors appointment and the supermarket. I can't hold up to walk for long and that is why I only go places that I have to go. I am wiped out for 2 days after one outing. With the houveraround, once the ramp is built, I can go to the mall and get around people again which my family is hoping will help me physically and mentally. A friend from I made through my work. I was a certified caregiver and took care of her mother for 2 years until I become unable to do so in 1996 paid for my houveraround and the lift for it to be attached to my car. I would never have been able to afford one. My insurance through my husband's work only paid a percentage on the chair but would not cover the lift at all.It is bad enough not being unable to take care of my husband as I would like to, playing with my grandchildren, cooking meals for my family to come home or cleaning my home as I once could but not having one penny to contribute to our income makes me feel even more worthless. My disability would only be between 4 and 5 hundred dollars a month but it would make me feel so much better to be able to contribute even that much to helping my husband take care of the expenses (medical especially) . He is 60 years old and works at a job that takes a lot of physical and mental strength. There are men half his age that have quit because the work was to hard. He has enough time in to retire but can't do so right now. He may try in a couple of years. We are blessed that he does have a 401K for retirement but at the same time medical expenses can eat that up before our life ends (possibly). I just feel so cheated that I have worked since I was 16 years old (part time) graduated from high school, later went to beauty school and worked at that for many years until my neurologist told me I needed to give that up due to my back (spine) problems. I worked at other jobs except for a few years that I stayed home to take care of my disable husband. I had no help. He got well enough after his kidney transplant for me to work part time until his death in 1989. I then went to work full time until I met my husband now, in 1991. We moved to another state and I worked there and went to school to become a certified caregiver until another doctor said I could not go back to working in that job due to my shoulder. The disability judge's expert could not find any job that I could physically do and said so at the hearing but the judge looked at me and said he did not believe a word I was saying, even with the letters and evidence in front of him, thus he denied me disability and I am still having to live under that ruling 11 years later. I just don't see the fairness in that decision at all especially now.To whoever reads this if anyone, I thank you for letting me tell my story. My husband and I may be able to collect our social security but I worry that our children and grandchildren will not be able to have a chance to prepare for their golden years. It already takes a 2 income family to live below the poverty line, what will it be like when they are ready to retire? All I can do is pray for our country to make a change to help all AMERICANS, excluding Aliens, legal or unlegal. The American people are suffering finacially due to the give away programs put in place for people from other countries coming here and living off of our tax paying money. They can get government aid monies, free education, set up in business, and anything else they need or want. I and so many like me, born American's, can't get what we need now partly due to the give away programs being mismanaged and partly due to the greed of those in power. God help us all. We are our worst enemy and most people are not aware of it.

Well, I'm here--63 and counting! If it weren't for supportive family members, I'd be living on the street.
I've been considered intelligent, and, at times, successful, but my lack of foresight financial planning, has caught up with me! How could this happen? I always had this romantic notion that I'd die young and leave a beautiful corpse. That didn't happen, so, now, who's to blame? Myself, of course. I could give you a "song and dance" routine about all the sidelines that averted my responsibility to self, but it doesn't change the reality! Deja vous! Wasn't it thirty years ago that I needed to update my skills and enter the job force? A note to the wise among us--PLAN for the future. It COULD happen to YOU!

I have a small pension from the Teachers Retirement System of Oklahoma. Social Security will amount to a little over $1100, and my husband has a good check from Social Security. If he dies before I do, I expect to move to a small town out of this country, where my small income will do better. I will continue to make and sell art as long as possible. I am clear that I don't need to have an income 70% of my current income, which is $46,000.

For retitirement I used to plan on ss,savings,and the pension I was supposed to recieve Now Iam not so sure about ss,savings ,and the pension I was sopposed to recieve. Guess I'm not alone. Just thinking about it is depressing. It may mean that retirement is just an illosion.

As a teacher, I saved 33% of my income for 20 years of teaching. California has a good retirement system and I paid into that. I invested in property, 2 houses in California and one in Illinois. I don't plan on Social Security, although I paid into it for over 15 years! I am careful when I shop, buy what I need, am generous with charity and friends and will be fine in the future. I also invested, cautiously, in the stock market...I use those earnings as play money.

I just recently invester in a retirement plan at my bank, and I plan on getting a Roth IRA

I have contributed the max to my 401k since it's inception, I have a roth and a regular ira, my wife has contributed to her 403b and has a roth and a regular ira, and has a pension. I am 59, she is 57 and we do not count on social security to be anything more than it was intended, a supplement to our own retirement, which is our responsibility, not the government's. The government has no right nor any responsibility according to the constitution, to support anyone, including the poor, the retired, the wealthy, the corporations, the too stupid to plan ahead. But somehow, those to lazy or unmotivated to care for themselves think they have a right to my hard earned money, and I am sick of hearing about how so many will not have enough to retire on and will have to work later than their parents....they made the choice to not plan, why is that my responsibility. I sacrificed along the way to save more money, why couldn't they????

I am 60; my wife is 59. I retired from the military in 1990 and my current pension is about $40K with annual COLAs, and my wife and I have free medical care until age 65 when Medicare kicks in (if the DoD and current administration don't figure out a way to mess that up). I worked at a university for 15 years and paid into a 403b which I have not touched; its current value is about $275K. I retired in 2005 and my wife still works part-time as a nurse. We each have traditional and Roth IRAs which we haven't touched, as well as other savings, stocks, bonds, and mutual funds. Our home is paid for, as are both cars. Any credit card debt is paid in full each month.

I am surprised at how well we manage on my military pension and my wife's part-time income. We haven't traveled at all since I retired, but plan to do so in the future. I do volunteer work and stay busy, and I have a couple of hobbies. We live comfortably and are not big spenders, but if we want or need something, we buy it.

I plan to tap Social Security when I hit 62; the 25% reduction doesn't bother me and I would rather get something out of it than wait until 66 when the program might be less solvent.

I worry about retirement and can't understand why there has to be a cap on how much a retiree can earn without being penalized. If a person was allowed to work without penalty they would continue to pay into social security. Retirees present an already trained workforce for the projected worker shortages predicted in the future.

Most of us are planning in our retirement not only our pension from work, but social security and if you are unlucky enough to have a federal retirement before you retire check to be sure that you are not going to be under the WEP or GPO, you will lose close to 50% of your social security benefits you have earned, and planned to use as part of your retirement package, they are yours but because you have a federal retirement you can't have them and Congress is dragging its heels to rectify a very bad wrong, you can retire from any private sector and have both but not if you are federal unless you have at least 30 years of service.

My husband, 53, and I, 51, have no debt. We paid off the house, cars and credit cards a few years ago. Each year, he contributes the maximum amount to