Ken Pockele, 67, retired in June, 2009 just before his 54th birthday after working for more than 30 years as a secondary school teacher.
“As far as my age goes, I don’t see myself as 67; I still think I’m 39. I get a lot of energy from my wife, who is the same age, and very active,” he says.A retired couple wanted out of the stock market. Then, a bank fumbled their account transfer Seniors who can’t make ends meet are not only watching their cost of living jump, their home value is falling and their debt burdens are surging.
Eleanor’s defined benefit pension pays $77,330 a year, indexed to inflation, including a bridge benefit of $13,840 that will end when she turns 65. The couple have a 16-year-old son and an adult daughter with children of her own. “Based on family history, we expect one or both of us will be less mobile starting at age 80 or 85,” she adds. They wonder how much of their savings they can draw down while still preserving enough for assisted living later in life. Among their long-term goals is lending funds or gifting property to their children. Their retirement spending goal is $118,000 a year after tax.column, Warren MacKenzie, head of financial planning at Optimize Wealth Management, looks at Eleanor and Rowan’s situation.
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