kyzr
Diamond Member
Congratulations,Both my wife and I are retired military. In retirement we'll have - combined - 6 revenue streams***. That's without touching our 401k/IRA. Gross income decreases, but spendable income will actually be slightly higher, good news for standard of living.
My wife was an RN, that is her recommendation as well. Long term care is expensive.We're going to try leave the 401Ks/IRAs untouched as long as possible for Long Term Care needs - hopefully - far down the road. If we both pass suddenly, then that can go to the kids. WW
I'm not throwing in the towel on "fixing" SS.*** I actually ran the numbers. Because we have diversified revenue streams, 6 total, 2 of which are SS. A 25% decrease in SS cira 2034 because the Trust Fund gets exhausted and SS reverts to FICA only to pay benefits. That 25% reduction in SS will result in only a 7% decrease in Gross Income. Meaning we won't be happy, but it will not be catastrophic for us. We can tighten our belts over 7% and still will have the 401Ks/IRAs to fall back on.
SS can be fixed several ways.
Raising/removing the cap.
Raising the retirement ages, etc.
Medicare will go bankrupt first, that also needs to be "fixed".