Retired

 

It is important, before you retire, to plan out your retirement income.  For instance, you can receive full benefits at age 67 which average $1,500/month nationwide.  Then you can look at any retirement plan that you might have with your employer.

If I had stayed working at the Community College in TN, I would be receiving another $2,000/month in addition to my Social Security.  Unfortunately, I was not that smart...  instead, I was more interested in trying to increase my salary than planning for my retirement.

Looking back, that was a mistake.

Another option for you if saving money while you are working and then when you retire you can invest that money into a mutual fund or into a high-rate CD at your bank or credit union.

Mutual Funds historical earn 8-10% annually over a twenty-year period of time for the last 60 years.  High-rate CDs are about half that amount and you receive about $400/$100,000.

At any rate, one must plan for retirement and the sad news is that most people don't so when they are eligible to retire, they are always caught off guard, and many are forced to continue working or work parttime to cover expenses.

One achievement that made a difference for my wife and I was becoming debt free 10 years before we retired, so we learned to always pay off our credit card debt before any interest was earned.

Be like a carpenter...  measure twice, cut once