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PS...16 years ain't much at all. Apart from the savings, most these days work on for the health insurance. Hard to go without these days. I know of 6 out of 30 in my building that are retirement age that can't or won't retire due to needing insurance. And these are generally well paid folk. I'm 47. No way In heck I'll be able to retire at 65 and I've been in a retirement t program since I was 24. Don't worry though, G will let us both move in with him. He's seemed to have figured it out.
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I forgot to add in insurance to my monthly bills to figure how much I'd need to put up. GRRRRR House will be paid off and we're gonna get 2 new cars in time to have them paid off on retirement. Nothing but regular monthly bills and a couple hundred a week to live off of. Then Social Security benefits are more income. No idea on how much that is though
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Counting on Social Security is a freaking joke, don't even figure it in to anything at our age because it's a slim chance it will be there. Living on a couple hundred a week kicking around money won't get it most likely either, not having a structured day 5 days a week does one of two things, it either gets to a point of being very boring or it cost bucks, heck just buying fuel to run around all week adds up quick.
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I don't even factor in Social Security. It will just be a bonus if I get it. And the Health cost is the MAIN problem for any retiree in my opinion and likely only to get worst. My friend that just retired pays $1,000 a month just for he and his wife thru I think Cobra. Crazy. But you have to have it. And exactly why so many work until Medicare kicks in. And then die within a couple years--if they make it that long. I'm not joking. I know way too many that have. Sad really.
LivetoFish
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Taking financial advice from Rees would be the same as taking dieting advice from BRM. Bwhahahaha don't do it.
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Another thought of where to invest you're money would be to find somebody that's was betting on the dogs to have a winning season. You could make a fortune. Roll Tide! Hotty Toddy!
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Hypothetically, if you put $1000.00 in a Roth, and it grows to 1,000,000, you will not owe a cent of taxes when you retire at retirement age. Cannot withdraw before 59 1/2, I think. Also, with a regular IRA I think it's mandatory to withdraw a certain amount every year, and pay taxes on what you withdraw. With a ROTH, you don't have to withdraw anything even if you live to be 100. I think that is correct. You are correct, the limit is $6500.00 if you are over 50. I think Nessa can have one also, with the same $6500.00 limit. It's best to check with your accountant, though, but I believe that is correct.
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Social security isnt going anywhere....
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If I can just get Social Security to pay for the Insurance and monthly bills (power, water, gas) , I'll be good to go. I HOPE lol
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