retirement savings — enough for a lifetime?
Hi Ms. Savage,
I’ve watched you on television for years and enjoy your reports. My concern is retirement savings. There are always articles about the minimum amount of savings at various ages and due to various reasons, I’ve never come close to those amounts. However, in addition to approximately a combined $200K in a deferred compensation account (Nationwide) and a Roth IRA, I’m collecting Social Security and two government partial pensions. I estimate that once I retire, my annual income will be approximately $75-80K. Single, own home without mortgage, no current medical issues. Should I totally disregard the articles about “Is a million dollars enough to retire?”
Thank you for your consideration.
Terry Says
You can certainly disregard those articles — because you’ll have to live on less! BUT, this would be a good time to meet with a fee-only FIDUCIARY financial planner to discuss your long term picture.
You didn’t say exactly how old you are.
You didn’t say whether you have long-term care insurance, which could devastate your savings if the need arises.
You didn’t say whether you have an estate plan — and who would carry out your wishes if you for example, had a stroke.
These are all things you should discuss with a good planner. find one at Wealthramp by reading this link.
