Agree these last minute retirement financial curveballs stink. Hang in there.Well, that's definitely not going to happen in the next 10 years. My savings rate is pretty good, but not 95K a year good.If you are targeting your retirement portfolio to be 25x of your annual retirement spending gap, a back-of-the-envelope calculation says you would need to save $950k more which is 25 x ($73k - $35k) minus the two 10% extra employer 401k contributions to be received.… This is the big change. We will have a non-COLA pension estimated to be $73K a year with me having survivor benefits. Spouse's pension has been frozen effective 6/24. This turns it from a $73K estimated pension to more like a $35K pension. …
… This changes alot, IMO. Key questions - how much more do we need to save to make up for the loss of this guaranteed income? …
My spouse’s company was sold and all employees laid off just 1 year before vesting in fully-paid generous post-retirement healthcare benefits (with retirement age being 55!).
Statistics: Posted by HomeStretch — Fri Jan 26, 2024 8:54 am — Replies 10 — Views 1300