The Boston Globe profiles retirees, Claudette and Manny Wise, who, at ages 71 and 83, have concerns about their retirement funds.
We should all have such concerns!
Since they only get $20,000 a year in combined Social Security, I assume they didn't have spectacular earnings. (This makes sense when one considers that Manny is a former bandleader.) But they have over $900,000 in retirement funds, which means they did some spectacular saving during their income-producing years.
My question is why they don't want to invade their principal--why save it at their ages? The article doesn't mention children so I'm assuming they don't have any.
I was also interested in the financial planner's take on annuities. I still haven't figured out what I think about them or whether they would be useful when I retire.
At any rate, while the Wises have concerns, I was impressed to see how well set up they really are in their retirement.
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Contact Grace: Gracefulretire@aol.com
Getting a late start on retirement saving and debt reduction in middle age with a middle class income.
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Contact Grace: Gracefulretire@aol.com
About Me
- Grace.
- I'm 63, a single mom, getting a late start on my retirement. Travel along as I reduce debt, increase savings and get myself situated for retirement one of these days.
Personal Finance and Retirement Blogs I Read
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- The Retirement Planning Community
- Time Cheapskate Blog
- Tough Money Love
- Towards Retirement With Debt
- What Fresh Hell Is This? A Winsome Look at Life after 50
- Yes, I Am Cheap
4 comments:
I actually *have* an annuity that a previous employer bought for me. It will start paying me just about $100/mo once I hit 62 and will go on as long as I do. It's not going to make me rich by any means, but it will be one more piece of the pie....
(Note: This was bought when they converted from one type of pension fund to another and I'd only been contributing for a year or maybe 2 at that point.)
If they had children MasterPo could totall understand not wanting to spend principle to pass as much on as they can. With $900k in savings sure hope they spent a bit of it on a good estate planning laywer!!
Does seem rather odd they have soooooo much but get soooooo little SS.
Something doesn't smell right to MasterPo and it's not the clams in the chowder.
I'm never sure what to think when a financial planner is intent on selling me annuities. I don't know or understand them much. But, it looks like it helped Claudette and Manny!
No annuity for me.As for the couple- it sounds like they are getting BAD advice. They could be living on the INTEREST and still keep the principle if they are desperate to pass something to their children. I average about 5-7 % on my various investments....That ALONE would be $45000 a year for them.
Like the old woman who dies on a mattress of money...sad!
MasterPo- your parents owe you nothing. You owe them everything because they CHOSE to have you.
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