kyounge1956
Thinks s/he gets paid by the post
- Joined
- Sep 11, 2008
- Messages
- 2,171
Cut expenses, expect a lower standard of living in the future. Save as much as possible, probably a little more aggressive than typical. Maybe work till 67 to postpone and maximize social security. Hopefully SS would fund a significant portion of future spending needs.
If there is equity in the house, it might be possible to sell and buy a cheaper place outright, or at least reduce expenses. Reverse mortgage is also an option.
Withdrawal rates higher than 4% might also be appropriate (even though it is risky) if retirement at 65 is a must.
Mr Lost-it-all might also be able to refinance, lowering his monthly mortgage payment and freeing up some of his salary to go to savings instead.