NJ couple must plan for retirement
N.J. couple must plan for retirement By Karin Price Mueller/The Star-Ledger October 11, 2009, 4:00PM
Thomas, 57, and Pam, 49, are juggling quite a bit as they near retirement. Both in their second marriage, the couple are paying tuition and other expenses out of their cash flow for Pam’s child, who has two more years of college to go. Thomas’ kids are financially independent.
"We’d like to be debt-free, living in our current home and maintaining our current standard of living," Thomas says. "If I retire before she does, which is very likely, given the age difference, I envision retiring by age 65. Pam’s ability to retire will depend critically on health insurance coverage options."
They’d also like to pay off their mortgage in the next 10 years.
So far, Thomas and Pam, whose names have been changed, have set aside $253,000 in 401(k) plans, $59,000 in IRAs, $581,400 in mutual funds, $56,604 in a brokerage account and $4,500 in checking.
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NJ couple must plan for retirementThe Star-Ledger - NJ.com - Oct 11, 2009
If they spend a lot differently than indicated in their budget worksheets, their whole plan could be thrown off. Papetti ran the numbers to see how theGuruFocus.com - Oct 01, 2009
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