Retirement: " known knowns ... known unknowns ... unknown unknowns"
Here's one way not to fall short on retirement $$$
From the video: (if one makes $ 100,000)
- If one is saving $ 10,000 per year that reduces the financial need by that amount
- Also will not be paying payroll taxes that are 7.65% of paycheck
- Known knowns:
- While I expect to be able to save, we won't be saving & investing at our our current rate.
- No need to pay for contracted downtown underground parking
- We know what our social security income will be (or closely estimated)
- We know what our pensions will be (or closely estimated)
- Known unknowns:
- We know our state and federal income taxes will be less. But what will be the new normal?
- I have a general sense what our healthcare costs will be but will need to be more precise.
- We will not have dental insurance from our company but Delta sells individual plans. Needed?
- Same with vision insurance. Provider. Needed?
- How much will we need to draw from IRAs? When will we need to start?
Autos: I need to have our Buick last another 7 years. Maybe more of a want than a need. I would like to see us keep it to 200,000 miles. And then buy a new or nearly new sedan.
ReplyDeleteWhat about that Harley, Jim? :^)
ReplyDeleteRealistically couldn't get on one. I do like fast vehicles. But have settled on my Buick at this stage of life.
ReplyDelete