Have a question about your own retirement savings? Email us at [email protected]
I’m 57 and my wife is 55. We have no children and no debt. We own our house and vehicles outright. My wife is a corporate accountant and earns about $150,000 a year. I recently retired from public service with a pension worth $104,000 a year. Our health benefits currently cost $160 per month and will increase contractually roughly 3.5% every year until Medicare, at which point they become secondary without cost of living adjustments.
As it stands, and as you may already know, you are currently already in good financial shape to both be retired and pursue your goals, said Michael Peterson, a certified financial planner and founder of Faithful Steward Wealth Advisors. Of course, this is based on the figures you provided and some standard assumptions about Social Security benefits in the future.
For example, you may want to look over your current investment strategy and ensure it is aligned with your goals and needs, Peterson said. He suggested refocusing your portfolio to become more income-oriented, as opposed to growth-oriented. Many people do systematic withdrawals, which is when they have scheduled distributions from their retirement assets, but it’s not always the best option for investors.
And of course, have all of your estate documents in order. This includes healthcare proxies and wills. These are never fun conversations to have, but they will make life so much simpler for the surviving spouse during such a stressful and emotional moment.Back to the homebuilding goal. Check out MarketWatch’s column “Retirement Hacks” for actionable pieces of advice for your own retirement savings journey
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