Although I receive three separate pensions which are sufficient to meet all my income needs I am pleased to have access to investment income as a back up. My IRA account that was started years ago has remained untouched as has my 401K plan that was started much later. Both accounts have done well and continue to grow.
S.S. , Pension and IRA. Just about getting by on S.S., with pension going into savings/investments. Still trying to figure out best way to avoid minimize taxes on IRA, when the RMD kicks in starting 2021.
Social Security is the bread my pension/annuity is the butter and personal savings/investments provide the jam!
My pension is such that I am currently paying taxes on S.S. Throw in the RMD on top of that, it becomes a tax bracket issue. It's hard to project the tax brackets down the road 3 years, as well as status of IRA. As problems go, having this problem is better than not having this problem.
Since I decided at the beginning of the year to go full time at work, we have my SS and Military retirement payments going directly into savings and living off my check. Can't spent what you can't see, as they say... Not that difficult with just the two of us and the wife is working part-time. We still have a set amount to invest each month, but remembering 2008, I might just back that off a bit. I have a few years before RMD kicks in. I'll be retiring completely in November of this year and wife still wants to continue working.
My pension and SS are my only income. My investments remain untouched and I add to them now and then.
I live on my pension (SS), my company pension, private savings and my condo which helps to keep monthly costs down because I don't have to pay a rent for it, just utility cost.
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My only recurring worry is dying in my little apartment and not being discovered for several months. Instead of worrying, I should be thankful that I won't be the one to find me! “Worry is like a rocking chair: it gives you something to do but never gets you anywhere”– Erma Bombeck
Though there are a myriad of things that I may think and dwell upon, there’s nothing that I am particularly anxious about. Some things I can control by thinking things through, some things I can’t so why worry? There’s an old Jewish saying which goes something like: “ If the world were to be flooded with water, we either drown or learn to breath under water. “ The chief relevancy that time provides is that whilst the happenings of the present might provide some insight into the future, it does not dictate the future. -Bobby
Actually, that's exactly where my wife's mother died. She did have some heart problems, but didn't want to give up her small apartment. She collapsed on the floor by her bedroom and was found there by a friend who had a key to her apartment. Her friend had called her, but nobody answered and the friend kept calling. The friend knew she should have been home. She died in late morning and was found by the friend early that afternoon.
I don't worry about anything financial but do worry about health, not just mine but that of my entire family.