When I get Older

I have a pension from my last employer that I can start collecting at 55. The longer I wait, the larger the monthly amount will be. Depending on age, Social Security starts at age 65 or somewhat older. I think I'll be somewhere between 66 and 67 before I can start collecting. Then I have my 401k and IRA accounts. Those are retirement savings accounts, the first through my employers, and the latter through my own savings. They are tax deferred. I didn't have to pay taxes on the money I put into them or the matching funds my employers put into the 401k accounts. Taxes will happen when I start withdrawing funds, which I can do starting at age 59 1/2. Withdrawals are required starting at age 70. I'm fairly comfortable with how my money in those accounts has been invested.

This is a totally irresponsible thing to be saying on my part, but I haven't started to think that far ahead yet! I'm too caught up with trying to re-create a foundation NOW rather than focusing on 30 years from now. I do have a superannuation fund, but it's not much at the moment and I haven't added a dime to it in the last 5 years. When I get back to Australia, this will definitely be an area I'll put more effort into as I sure as heck don't wish to be working in my 80's and beyond if I can help it!

Hi p1ke, Good question! How will I live later in life..probably the way I am at the moment and just have a state pension..depends on how bad the economy gets as to how much that will be...still with the new law out I won't get that til I'm 66yrs old so have a way to go yet! lol Hugs LoLo

Well I moved down to Mexico to help! Plus I have a gal and family here at the house! I just retired with only Social Security (it's the USA common pension) I will get $1270 USD a month and we can live on that not great but get by! I found a part time job teaching English to Executives down here and that's another $400 plus we opened a family store and it should well! So I think I'll enjoy this for my remaining years! But other opportunities may open! Never know! tdemex

Well, seeing how I work for myself, I seriously doubt that I am going to have a pension plan to fall back on so, I hope that I can still do what I am doing now when I am 90.

Hi plkeflsh, well no matter how frugal I am it seems that this is going to be a huge worry as I don't think those frozen pensions are about to pay much out and doubt very much that the state pension will still be in play at all. Over here you see the very old still working their lands as they still need to provide their own oil even if the mill prices are too low to bother selling it that year, so I hope I won't have to be up an olive tree in my 80's as these sturdy folks are. I suppose the last resort if things become too difficult will be to marry for money.

As I am only 28, it's not something to which I give much thought. I guess I should do though. I pay into a pension scheme through my work but that's not much. I am hoping to find a better job which pays enough to be able to save a little every month. I suppose that's the recommended option but of course, for those who barely have enough to live on now, saving just isn't an option. I don't know what other options there would be - if any.

Here in Australia, the retiring age is around 65. Then you either live on your superannuation, which is compulsory or you receive a gov't pension. Super has only been compulsory for about 25 years and when it was first introduced, my boss did not pay. While it was compulsory, there was nothing in force to MAKE the employer pay. I went to work for these same people several years later and again, they tried to cheat me with super. I put them in to the taxation office and they had to pay me....and all the other staff they had duped over the years but it only went back for a few years. Super is paid as a percentage of your earnings and it has been increasing over the years. When I was working it was first at 2% then it increased to 7%. It's now over 10% but low income earners are way behind the 8 ball. Mine is sitting in my super fund and it is diminishing each year now with admin fees. I can't get it till I'm 65. There will be nothing left by then. Because of my advanced age (?) and the fact that I live in a remote area, I'm not required to work, so I receive a gov't allowance which is barely enough to live on. I'm lucky that I have another means of income that does not affect my payments. This will increase by about 12% when I reach retiring age but I will also get a rebate on my rates, my driving license and my car rego and some medical treatments. I already am eligible for a small rebate on my phone and electricity. So, when will you be moving over here?

I am not sure how we are going to fund our old age either. Soscial Security may not be around by then and it does not pay a whole lot anyway. I hope to have my bills paid off by then though.

This is a big fear for me pike. I really hope that I stay as healthy as I am right now because I don't know how I could survive without working. I am in the states and our social security is pretty much screwed. I am on my own and I just have to work. I have to rely on myself so I hope I'll always be able to until the day I die. I really honestly don't want to be around as an old person that is unable to work.....I really can't imagine me handling well needing help from others. Hope it never happens that way.

Lucky for you who are in the UK, the state gives you pension. Here in my country, we only get our private pension and only a 20% deduction for all senior citizens.The retirement age hehre is 65 but most employees get to retire at age 60 that is because they still want to enjoy their pension, while they are still able.

Hi ya p1kef1sh Well I haven't paid into my personal pension since I was working which was about 8 years ago now when my son was born so it is likely I shall be working forever, well until I pop my clogs anyway!!

Old Age P1key? I am Never going to get old so I suppose I will never have to worry about it!!

well i don want want to wait till 60 or 65 to retire.. would like to retire before that and lead a peacefull liuke there after.... i would like to earn enough to support myself after my retirement and invvest in such way that i can support myself fromthe returns i get from it ....

I don't know P1ke what I do know is if Life had not thrown at me what it did I would be working till I was not able to any more I loved working and still after 6 years I miss it I suppose one good thing I am finding Talents I never had lol xx

theres retirement age in india.the maximum where one can work varies from 58-65 years of age but people do work even after retirement in private firms.i am of the opinion that one should work till one is able.

Well, I´m fifty now, and since I am a German whos has spent the last 30 years outside Germany, I have no pension set up whatsover. So I guess I have to do something. I´m a freelance language teacher, I'm good and I'm doing well, and that gives a kind of reassurance, since I could do that until a very old age - in fact, my students come to my house, so even if I couldn't walk anymore I could still work as long as I can talk LOL. But the pension question is only to get worse, for everybody. As money will get tighter and tighter, one of the segments of our societies who will definitelt bear the brunt are the seniors. Who know, the way things are going, pension plans might get srapped altogether, families having to take care of their older ones by themselves.

In our government service the retirement age is 58 years. In some private organizations there is no retirement age. I serve such an organization. I want to be in service till I shall be fit. But not above 75 years of age. I can't think of 90. I don't want to live depending on the mercy of others.

Hmm, I had a heafy IRA and but has to cash it in because life happened. I'm about done paying off my farm place and converting the basement into an appartment and already have a renter lined up. I keep CD's as a catch all and keep adding and adding to them year after year. I guess I'm looking at I can sell my place and have the cd's a probably a part time job and be okay. I'm only a spring chicken but never hurts to start planning ahead.

This is a difficult question to answer and without knowning sum specifics about your income and expenses... however if u have a idea about savings it may help in future..