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Re: Found my error and ran other scenarios Posted by EGD [Email] (#663) [Profile/Gallery] (more from EGD) on Sun, 5 Jan 2014 21:08:11 In Reply to: Found my error and ran other scenarios, MI-Roger [Profile/Gallery] , Sun, 5 Jan 2014 09:02:17 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Kinda funny you mention a traditional pension of $40K/yr because that is exactly what I will have earned if I work with my current employer through May. And, because I'm 55 with 25 years service, I can retire and start taking that pension right away. That has a certain appeal provided I can get a job with another company that pays the same or more than I make now.
If I start taking the money now versus working with my current employer for another ten years (until 65) to earn a higher pension, the total amount of money received by me won't cross until I'm in my late-70s.
As it is, my employer matches 50% of the first 8% saved in a 401(k) so I've saved a combined 12% minimum for years, and often more (never less). And for 2013, I maxed out the personal contribution and the over-50 makeup. Wasn't easy but my wife and I got hammered with taxes in 2012 and we vowed we'd shelter as much as we legally could in 2013.
All that being said, my wife and I are already at a factor of 10 with 10 more years for me to save and 20 more years for her.
My concerns? Hyperinflation to reduce the value of the national debt which would wipe out my non-inflation indexed pension and, with a new emphasis on 'inequality,' the seizure of 'excess' 401(k) savings and the issuance of a government annuity tied to debt instruments in its place as has happened in some countries.
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