Hello everyone,
I am 51 years old, a single parent who raised two kids alone but they are now both on their own.
My employer had an early retirement incentive program recently that I was not set up to take advantage as of yet. Not enough savings and a pension now at only 36% of my income, would have been too low. But it has motivated me to make sure that I use the next 3.5 years to get myself ready for that step.
At 55, my pension will be 60% of income and will include benefits. I have a plan to save at least $1000 each month, thus increasing my savings. That will also accustom me to living within the retirement income budget.
I currently rent, but am planning to purchase a home that has a payment well within the retirement income budget.
I would appreciate any other suggestions on what I could do to be more prepared to retire at 55.
Thank you.
I am 51 years old, a single parent who raised two kids alone but they are now both on their own.
My employer had an early retirement incentive program recently that I was not set up to take advantage as of yet. Not enough savings and a pension now at only 36% of my income, would have been too low. But it has motivated me to make sure that I use the next 3.5 years to get myself ready for that step.
At 55, my pension will be 60% of income and will include benefits. I have a plan to save at least $1000 each month, thus increasing my savings. That will also accustom me to living within the retirement income budget.
I currently rent, but am planning to purchase a home that has a payment well within the retirement income budget.
I would appreciate any other suggestions on what I could do to be more prepared to retire at 55.
Thank you.