Life After Retirement - Health, Money, Etc.

[HouseOfAtlas]

I'm curious if anyone can give me any tips on how much one should save up, per year, to be able to survive after retirement and as for health benefits go, how much should I be saving up for that per year? I wouldn't doubt it if I lived past 90. My mom's father should of passed away 15 years ago, but survived up until a year ago (he was in his late 80s). That may sound mean, but he has been through so much that everyone just wanted him to go and rest in peace, but he kept holding on. He drank and smoked his whole life and lived that long. It's crazy. My other grandfather is also in his late 80s and still doing alright.

I'm 25 and I'm not really counting on Social Security or Medicare to be around when I'm around 63 years old, so just wondering if I get a health care plan now and start up an IRA, how much should I put away? Anyone have any advice on a health care plan? Should I get the one with the low deductible since I would like to hit up a chiropractor every couple of weeks since I do workout and they really do help out a lot. Plus, a deep tissue massage really helps the body out (not sure if insurance would cover that, though)

Any help or direction would be greatly appreciated :)

[cpw]

CNN has a good calculator on retirement:
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

I tells you the odds that you'll have however much income you want.

[gear junkie]

Join the military and don't worry about it.

[HouseOfAtlas]

Join the military and don't worry about it.

I was thinking about that, but I'm already getting settled with my business and everything. Are you talking about joining the National Guard and doing the every other weekend type of thing?

[PLUMBER RICK]

being self employed, you can get a sep or roth ira.

the sep ira allows you to deduct the money, up to 15% as a write off for the calendar year. problem is you pay taxes on the money when you use it at retirement.

the roth is similar but you don't deduct the income this year. but you don't pay any taxes on the money at retirement.

so if you need the write off each year, go sep ira.

if you don't need the write off, go roth ira.

i'm a sep man;)

joey will have to pay the taxes:eek:

she'll cash out my ridgid collection:D

my younger brother, who's a cfa (chartered financial analyst) is a roth man:confused:

check with your accountant for the pluses and minuses;)

rick.

[DUNBAR]

Run numerous businesses and hide through the wealth of income.


There is no better tax strategy. Sometimes the worst thing to have is assets that are capable of being grabbed.


Everyone talks of saving......but when should you spend? At some point you have to pull that money out.

If you have kids.......ride it out till you die.....leave it to your kids but always remember that the cycle seems to interrupt with that line of thinking....

otherwise everyone would be prospering from wealthy families and work would be a casual thing.



Pay no attention to me personally, I'm currently brokeass man till further notice.

:wink2: