I can understand aiming for two. That is certainly more than we had in 2009 when I was encouraged to retire (due to economic downturn) or in 2011 when my spouse also retired and we began Medicare and Social Security (both age 67). It is even more than what we have now - early into our fourth year of retiring. As far as behaviors, we always bought maximum value each year Roth IRA, put in maximum into each person's 403(b), did the over 50 Catch-Up and in addition for five years paid another catch-up because my spouse was at least 15 years in the same job and location (eventually 27 years - senior Pastor). I also had all federal income taxes taken out of my pay, so the amount of my monthly direct deposit was almost negligible - for many years. One sweet side effect of such is that once we retired, we had more money just because we were accustomed to living on a lot less while working. By the way, we also tithed to the church all those years.
The amount invested depends also upon expectations of rate of return. With most of ours in Equities (Mutual Fund, low or no Load), I was not expecting even as much as 2% annual return (based on recent history). Any return above that rate I consider as re-investment. Even though we are not allowed to contribute new money into retirement savings once retired, we are certainly allowed to re-invest what we do not take in the current year. For this and the previous years this has been quite substantial (in our case).
This, as in all the rest of life, in essence there is no "do over" (or, on playground marbles game in the country / rural: calling "slips").
for us the plunge in prices on the market was a god-send because we kept putting in maximum investment amounts year after year, purchasing all these shares at a much lower per-share price. As the market has risen, that's a lot of shares rising.
My own gender and marital status are at variance. In 1975 when I first became eligible in the employer's 401(k) the match was 3% so I put in that 3% plus another 10% of pay / salary over the next decade until I went to another organization. My spouse has "always" worked and so we have had two paychecks until 2011 retirement(s).
Medicare Advantage plans were not cost effective. The govt subsidized the insurance companies to offer them, making Medicare cost even higher. It was created as a "first step" toward privatization.
All the boomers would need physicians with or without Obamacare, which also includes funding education for Nurse Practitioners, who are excellent primary care providers, as they are nurses first, so spend more effort on holistic health and patient teaching.
Similar experience here.
I never purchased actual bonds but earlier in life did participate in some Mutual Funds that were bonds, including GNMA. Fortunately I got out well in advance of housing market (and mortgages) collapse. When I look at the pie chart of "recommended" allocation and my (and her) actual allocations, I smile. What we have is almost all equities - and we are age 70 and three years into retirement. From my perspective, investing (and giving) does not end when one retires, at least not for us. Further, we are tending to spend a lot more on things (including capital projects) that we ever allowed ourselves while drawing our salaries.
I have been tracking our portfolio for the last ten years. Although we are only 53 and DW 52 the funds are growing fast.
Age 43 $188,00 1994
Age 45 $282,00 1996Age 50 $498,00 2011
Age 53 $773,00 2014
the last few years we are putting in the maximum of 23,000 each. We hope to retire at age 55.
Please don't forget the cost of funding your own health care. Retiring at 55 and you are looking at 10+ years of individual coverage until Medicare.
We paid some big out-of-pocket costs during periods of unemployment and avoided some expensive episodes by the skin of our teeth by biting the bullet and paying for a "real" policy instead of one of those short-term things.
Yes, that is our biggest concern.
The plan reads -You are eligible to enroll in the same health insurance plans that you were eligible for as an active employee .Your eligible dependents may also participate.
I meet all requirements at 55 with age and years of service.
Costs this year are $ 170.00 per month for two people.
Of course rates can rise every year.
This insurance is a premium Aetna plan.
I am worried that my employer could take this away. But
we have a reasonably strong union on our side.
In retirement, our Medicare premiums (monthly) are taken out of each of our Social Security (benefit) and in addition for two people our supplement Medicare insurance coverage is not far below $500 per month (for the two of us). Her coverage.
like you all, "we" always added the annual maximum (every kind)
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