That's how I look at a retirement "plan" that includes retiring at the age of 80.
80?
I was reading a news article about this, how tough it is for Americans to save and how more and more are upping their retirement age. Well I don't even know if I'll be alive at the age of 80 and if I am, will I even be able to work at that age? Further, WHO is going to hire an 80 year old man? I doubt my company will have me around that long if I happened to be there at the same place until retirement age.
I can tell you right now, at the LATEST, I plan on retiring at the age of 68. I would rather retire earlier than that, but who knows. I do know that I recently upped the percentage taken out of my paychecks to 7%. After the election, I will decide whether to up it to 9% or take a different route. I do have automatic deduction taken out of my paycheck going into a savings account, but it's too easy to get a hold of it. In fact, if I'm down too low on money? Just transfer it to my checking account, online, with the push of a button and it's done.
Not exactly an effective savings plan, going to have to come up with something different.
Changing about statement: after the New Year I will decide whether to up 401k or not. I am waiting to see if these "experts" predictions are going to come true. If they are, no sense in putting more money in there to have it disappear.
I dunno. Seems to be that having a good retirement? I would have to be in my 20's at the place I am at now, not my late 40's.
2 comments:
First time visiting/commenting on your blog. I might be one of those working until 80, though I do hope it will be years sooner; I'm hoping 66 myself, which is roughly another 11 years. What I wish I would have done is take the advice on a person we had come talk to hubby and me years ago when we were the "tender" ages of 30 and 34. He wanted to set up investments for us fo retirement, us putting away so much money per month and how it would grow over the years. Of course we didn't do it. Had we done it, retirement would probably be coming a lot sooner than 66, but live and learn. Good luck with what you retirement decisions.
May you have a good Sunday!
betty
Hiya Betty, thanks for stopping by.
Yes, probably a lot of us heard about saving in earlier years and - didn't do much of it. I would be in a better position right now if I hadn't gotten divorced and other things that basically emptied out a 401k plan. I still have, Lord willing, 15 or so years before retirement, I'm guessing anyway. If I can save at the rate I want to, it might not be a great retirement in terms of portfolio, but I won't be starving, either.
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