will your retired income support the monthly payments in addition to monthly living expenses? if your truck costs you 550 a month, got enough money for the rest of the month? i hear electric smart cars are great trapping vehicles...fit into tight places in the woods and they are quiet. portable blind.

That will happen in the blink of an eye.

WS

That's the first thing the wife and I did before she retired early, figure our YEARLY expenses just to maintain how we live now.

Not listing all here but just the major ones were....

Electric .....1,200
Heating .....600 gal.@ 2.50...1,500
Property taxes....3,500
Car a d homeowners ins.......1,100
Phones, tv, and internet......1,400
All subject to raises.

The basics come to 8,700 dollars a year...basics not including food and what not like any repairs, car licenses ECT.

It'd be a good idea for Coonman to make his list for yearly expenses and see if his SSI covers them.

Hipie, Coonman still has a house payment, will need a new vehicle he can't pay out of pocket for and doesn't have any money in the bank, and no mention of 401k type plans or pension. Doesn't have health insurance and won't be able to afford supplemental when he goes on Medicare.

The only positive of his situation is he won't be alone. There are millions of Americans that don't realize what's coming when they "retire".

You neglected his always optimistic high dollar coon to save the day for supplemental income.

Lots and lots of senior public housing a coming. If Sleepy Joe and his party don't get us into a civil war first...

they'll be just fine.

there's already a "movement" afoot in DC to redistribute your retirement account to others who have none. it's only "fair". they'll call it a "living retirement" and it'll be paid for by the only large pot of money still available: the savings that responsible people put away for their own use. [those folks will get a "fair" stipend to live on, though; so it's all good]

There is always the possibility of $50.00 raccoons in the future and who knows bounty $20.00 Possum

The choices people make will construct the behaviors and outcome of their life's situations.

- Alfred Adler (1870-1937)

'Ol Al seems to have been close to the green with this major psychology theory chip shot IMO.

Blessings,
Mark

Other factors to consider are your lifestyle. Do you smoke? Drink excessively? Healthy diet?

You need a budget: Once its filled out you either have enough to retire or you don't. A lot of people would retire early but can't due to not having medical insurance until Medicare kicks in at 65 and even that costs money then. On top of that you pay for supplemental insurance too. Good luck.

Job 1 Income AFTER TAXES
Job 2 Income AFTER TAXES
Social Security Income AFTER TAXES
401k Income AFTER TAXES / FEES
ROTH Income AFTER TAXES / FEES

House
House Insurance
Car Insurance
Boat Insurance
Umbrella Policy Insurance
Life Insurance

Property Tax

Back Taxes

Medical Insurance
Medicare Costs
Co Pays
Union Dues

Grocery Week 1
Grocery Week 2
Grocery Week 3
Grocery Week 4

Eating Out Lunch
Eating Out Supper

Car 1 Payment
Car 2 Payment
Car 3 Payment
Boat Payment
Tractor Payment

Gas - Car 1
Gas - Car 2
Gas - Car 3

Oil Changes

Hair Cuts

Netflix
Amazon Prime

Clothes and Shoes

Cell Phone 1
Cell Phone 2

Home Phone
Internet Service
Long Distance

School Loan

Banking Fees

Electric
Propane
Natural Gas
Trash
Cable
Dr Bills (Monthly Avg)

Dog - Vet
Dog - Food

$21,000 here in NY.Not sure if that is Nation wide or not.

Back taxes and penalties have been mentioned by Coonman. Has he filed his 2020 state and federal forms?

Should have worked a good union job coonman.You'd be rollin in the dough retiring at 55.

The best response of all.
The time to think about retirement is when your 25 not 62.

Life ain't roses for everyone that they can "max" out for retirement. Some come from poor families and are living paycheck to paycheck from the time they are old enough to work.
Sad, but true.

I do agree that many with the means to do so, don't, and that's completely on them.

Yes all income is considered including retirement income and it's all taxed.

Just to verify, if a company matches do you count that towards your total 15 percent? Say if you do 5 and the company matches 5 that's 10 percent? And another 5 Percent would go into a different ira?

Coonman. I will be 62 Sept 1 I Saved some money but not enough. After making a list of what it will cost me to live I cannot make it on 65% of my SS that I would receive at 66 and 10 months. I have both knees replaced and in constant pain. I have to driver around at work on a scooter and chase guys out of the crapper and keep them working all night. If it was me and you have your health starting looking for a job that pays $20.00 hr at least with Heath insurance. There is a ton of jobs out their. Try to at least make it to age 65. I need to to try to make it to 65 too and it’s going to be tough with these bad knees. MD