Community Chat

[Cats3000]

I have a pension.  If i die before my wife dies, she'll continue to get my pension payments for as long as she lives.  That's conformting.

[CelticCrafter]

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@MyGirlsMom wrote:

No way can anyone retire on $3000,00 and live a "regular life" modestly.  If you live 20-30 years, that's less than 1,000.00 a month. 

Even if you owned your own home, car, etc.  taxes and insurance still have to be paid.  Don't forget, gas, maintenance and food...oh, and Doctor's visits. 

No, $300,00 IS NOT enough to retire on. 

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I agree, not unless there is another source of income like SS or a spouse with a private pension also.

I just did really quick math on our annuity and if it was going to be our only income we would exist - nothing more, no extra's or unexpected emergencies.

[ALRATIBA]

Why not both? 

I have a (1) company pension, and (2) bought an annuity (life time payout) with my 401(k) ... and (3) social security -  (4) in addition to savings. 

I worked until 68 in order to boost my retirement income.

[heart of savino]

I feel i am in good shape.a nice monthly pension took social security at 63 2 tax deferred annuities and savings.

best of all my union pays for my supplement which includes all medical drugs vision dental.

[Mindy D]

The IRAfor life. 300k can last less time.

[Tinkrbl44]

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@heart of savino wrote:

would you rather have a lifetime monthly pension or a IRA  with 300,000 dollars

retiring at 62 years old..

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@heart of savino

Not really enough information provided .... but what prompted this question?

[Lipstickdiva]

That isn't an option for me because we don't have a pension where I work.

Off the top of my head, I'd say IRA because I know too many people that ended up getting nothing from their pension because the money ended up gone or the payments aren't what they were supposed to be, concessions were made, etc.

[FrostyBabe1]

I'd definitely go with the IRA, but if I were 62 years old and that $300,000 was all I had for retirement, I'd still be working.