Astonishing. You’d think ‘society’ would want to care for the people that make it up and pay to keep it going. I’m under no illusion that British ‘society’ is doing this out of ethical duty. They’re doing it so they don’t have to pay for our care in older age but the at least we are cared for.
This cannot be overstated.
My plan is to work until I cannot. I am 64 in a month. I will receive Social Security at age 70, if I live that long. I have some money in a 401(k), and our house will be close to paid for by then, but none of that is enough to consider acceptable to cover anything close to our expenses in retirement. My only positive thought is that given my medical issues and family history of dying young, I most likely won't have to subsist on pet food. My status as a disabled veteran means I can go to the VA for health care after my employment/private insurance ends. My wife will have to get by on Medicare.Keep working everyone, until you drop.
The 7 Lies Of Retirement That You Must Face To Improve Your Life
The sad truth about life after retirement.www.yourtango.com
The amount one can put into an IRA is highly limited compared to a 401(k) (which is also limited, but no by as much money).
The earnings test for Social Security ends at your full retirement age (somewhere between 65 and 67). Meaning you could continue to work and draw your benefits without any earnings penalties. And the added benefit is that as you work and pay more into OASDI, your benefit will recalculate , too.
You can do both, up to the IRS limits. and if you like, you can (I believe) roll your IRA into your 401k each year, too. Obviously not a Roth IRA into a traditional 401k. But standard, pre tax iras.
I was originally hoping to open a dojo as a retirement gig, but I'm not in any condition to do that now. I might consider what you've described, but prison doesn't serve the food I like.What was it that bloke did to supplement his income? You know, the one with the slouch hat? He had a young apprentice with a girl’s name? He was nick named after the originator of the uncertainty principle but actually shared the name with an American poet and essayist. What was it that he did to make a bit of pocket money? Anyway, we could get together and do that for our old age fund.
My full retirement age is 67. I intend to not draw it until age 70 to obtain maximum benefit (8% more than the FRA amount). I do intend to keep working until I cannot.
It's a simple calculation. Work until I can't. Draw Social Security when I turn 70. Wife draws her benefit when she reaches her FRA, then switches to half mine (which would be more due to her relatively low earnings) when I begin to draw mine. Then die. Simple.
There's not much to my planning, so nothing much to consider.
I max out my 401(k) and Roth IRA. I literally cannot put any more money away in retirement-designated accounts, except I'm allowed to put tax-deferred money into an HRA and I max that out also. There's nothing more to be done, other than savings/investment accounts with post-tax money and pay tax on gains like any investment account - which I also do. I'm putting away a ton. It's not going to be enough, I started too late. No cure for that.
Keep working everyone, until you drop.
The 7 Lies Of Retirement That You Must Face To Improve Your Life
The sad truth about life after retirement.
They are absolutely not obligatory. The consulting company I started with had a good plan, and I put as much as I could into it.
Agree. I explain it as good old common sense. Which seems to be a precious commodity these days.
This is true, but you can have multiple IRA's.
You are correct, but contributions are capped annually. $7k under 50 and $8k over.
