We reached out to seniors to get a read on how they feel about their current financial and health situation and how they feel they’ve prepared for the present and future of their lives. The following are highlights from those conversations.
Who knows about one’s health at this age? Each day is a new experience. My financial situation is another problem. I am working and will continue to work until I can’t, but that is tied to the economy and the condition of the country. My business is more affected by state and local conditions thanks to regulation and taxes than I like. This adds to questions of survival and consequently questions of financial stability.
I am presently in good financial shape and put money into a 401(k) each month and have put aside a good nest egg but want to continue working until 65 or 66 because I enjoy working and would like to put additional money aside. I will have a company pension at age 65 and that along with social security and other savings should enable me to have a comfortable retirement. I am in good health and my wife and I have LTC we took out about 6 years ago.
I feel I have been lucky to have good health and have been saving for retirement but am disappointed in the Social Security system and the government’s lack of money management for Social Security.
Between Social Security and the guaranteed income from a variable annuity with a guaranteed income rider, I expect to be able to cover my basic living expenses. I have enough other assets that should supplement my income and, by the projections I’ve done, these should last to age 82. Since I am a cancer survivor, I don’t expect to live as long as I once thought.