Are You Preparing For Retirement?

**staceyy** · 11-12-2005, 08:28 PM

Dh and I still have about 13 years before retirement but we are starting to get really serious about it now. Dh has a 401K that we put $10,000 into each year and we figure we will both receive social security. We also are building the equity in our homes. If push comes to shove and we don't have enough to retire on we figure we can always downsize our home, work part-time or get a reverse mortgage.

It's scary to hear how much is required to save for retirement. I was just speaking to one of my friends who said she read a person has to save at least $400,000 to do okay. If a husband and wife are both receiving social security the max combined social security they can get is $2400 which is not a lot of money to live off of, and they are talking about reducing the amount of social security we will get each month.

After seeing how the poor and elderly were treated during Katrinia we're getting more serious about what we have to do to prepare.

**Nada.Leona** · 11-12-2005, 08:48 PM

Retirement is one of those things that one can't start thinking about too early. Right now, DH and I are just trying to get his education so that we can start beginning our lives. But it is something to keep in mind after he's started.

**SHOPGIRL** · 11-12-2005, 08:52 PM

Yup, I put money into my retirement account and my ROTH IRA monthly. It's better to start as early as possible, even if it is only a small amount. When I retire, I'll have a pension, and I'm looking at the social security as a bonus. If its there great, if its not, it won't be a big deal. I have 20 years before I'm looking at retirement.

**FreesiaE** · 11-13-2005, 09:30 AM

We are both currently saving for retirement with probably close to 35 years to go. Compound interest is a wonderful thing!

**PrairieRose** · 11-13-2005, 11:48 AM

Gripey and are not very far away from retirement time (I'm 45 and he's 51) and we have a small IRA but not nearly enough. We've been concentrating on paying down debt and then we're going to throw everything we can get our hands on into that IRA. Our ds works for a Congresswoman in DC and he tells us repeatedly NOT to count on social security AT ALL. He says it's very likely going to be bankrupt. In fact the Congressman that he worked for before this job told him to be sure and tell his parents NOT to plan on it being there. Sssooooo we're thinking we may not retire completely from dh's business or we may have to purchase some other business to carry us through our old age.