Retirement Planning Tips With A Pension

We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money.

#retirement #retirementplanning #dohstr8
---Ready to subscribe---

For more information visit:

--- Instagram @jazzWealth

--- Facebook

--- Twitter @jazzWealth

[Berit-Cathrine]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[DonaldMark-nese]

The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.

[MargaretWest-mu]

Retirees who struggle to make ends meet are often those who didn't accumulate enough wealth during their working years. The choices you make regarding your retirement investments can have a significant impact. My parents both spent the same number of years in the civil service, but my mom invested through a wealth manager while my dad stuck with his 401(k).

[NicholasBall]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[johntnguyen]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement.

[alexsteven.m]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[JohnsJohnson-nsxm]

Here is what I did when I retired last year. It’s called math. as long as my pension brought in more than I spent, I was happy not touching my savings or 401(k) or CDs or anything else.

[RiggiosMiners]

How much interest can I make on 500k? thinking of going into stock !

[cashflow]

I have a pension working in the grocery industry. After 35 years it supplements my retirement along with my dividend income. I waiting a few more years until I apply for my maximum SS at 70. Working at a grocery store was not a glamorous job, but a lot of my friends who worked in other industry are envious of my defined pension.

[Helen_white]

The idea of retirement brings tears to my eyes. I deeply apologize to all those who have retired and are navigating the process of filing for social security during this challenging time, after dedicating countless years of hard work, only to face adversity through circumstances beyond their control. This situation is particularly tough for retired individuals.

[tyrehester]

I retired 5 years ago. My Pension, which won’t change if I pass, plus SSA is just under $100 K. I lived off savings for a year until I could get full SSA at 66. No debts and budgeting for EVERY expense is the key to happiness for us. Budgeting is an every day exercise.

[daveb]

I was able to retire at 48 and was blessed with three pensions all with annual COLA increases and two are tax-free (I have a very good lawyer). I'm single with no kids and keep $200K in my money market account. I don't live a lavish lifestyle and enjoy life (Although, I purchased a new home in 2020 that is worth double what I owe and the monthly payment is a mere $1176. I also paid cash for a new car in 2020 which I still currently drive). Other than the mortgage, I carry no debt. The freedom is liberating. I'm now 55 and when I try to engage younger folk about finances they are clueless. Growing up, I didn't have the internet or the information to make sound financial decisions. Now, there is so much information online that there is no excuse for not planning. I have ZERO sympathy for these younger generations.

[wheeldrive]

Having “too much” income later in retirement due to RMDs is a good problem to have. Yeah, your taxes go up because your income is going up.

A lot of wealth managers think it’s a game to minimize how much you pay in taxes. Some even encourage you to give your money away to charity so you don’t pay tax on the RMD. That’s stupid. You’re giving away 100% of the RMD to avoid paying a percentage of it in taxes.

[CliveBirse]

People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?

[shaddiegradyorielly]

retired this year at 62 with a state pension, taking SS at 63. doing ok do far.

[jimlittle]

Between two pensions and disability, I'll have about $5100 a month coming in when I retire the year I turn 59. This will go up roughly $100 a year until I hit 62, then it will jump up another 1.1k. I'll likely pull out 1500-1600 a month out of 401k until that's gone, then collect Social Security. I have free health care for life and my wife is covered for around 60-70 bucks a month. Looking forward to retirement.

[eagler]

Took one pension as a monthly payment for life and beyond as the wife continues to receive it..
My other pension and the wife's were taken as lump sums and invested in annuities..
Retired last October at 64 and it's fantastic!!!!

[gahshdsjdndnjd]

The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.

[Independent]

I'm a Union Construction Worker, and I'll retire next year in August with a pension at 58, monthly check plus a lump sum, the younger generation's needs to look into Union Construction Work.

[TonyFromSyracuse]

To any young people I would tell them try very hard to get a Government job that offers a pension. its not a sexy job in a start up nor do they throw tons of perks or large salaries at you, but generally its a steady and secure job and 5, 10 15 years just flies by, and here I am now 56 years old and 37 years of employment. you will get a good pension till you die....its always going to be there, and then SS will come your way also.