Rolling over retirement money into IRAs (or annuities) really helped me minimize my taxes when I first retired. Also, I was awarded some ?bonus money’ (that had been pre-tax dollars), which I happily used for vacation. While I am still adjusting to a fixed income, I will look toward money market funds. Savings accounts are a great way to save; however, they can be a big let-down if you have to maintain a certain balance.”

- Cathy M., 56
Schuylkill Haven, Pa.

I think I’ll move in with my kids and make them give me an allowance to support myself. I’m joking, of course. I’m still working, but I don’t have a whole lot saved up, so retirement isn’t even on the horizon yet. I’m working with someone to put a plan in place so I can live off something other than Social Security, but I’m not sure what I’ll do yet.”

- Gilbert G., 60
Las Cruces, N.M.

When I retire, I know I’ll get something from Social Security. It won’t be much, but hopefully it can cover at least the basics. The only other thing I have is a 401(k), and it’s grown to a decent amount over the years. I think I’ll use my 401(k) savings to supplement the Social Security money … but if I take out all my 401(k) money at once, I guess the tax hit would be kind of ugly. Maybe I should start thinking about that more.”

- Patty A., 57
Minnetonka, Minn.