How Have Your Retirement Plans Changed?

My spouse and I are both in our early fifties, and both of our 401ks have been trashed.  And the clock is ticking.

With only 10-15 years to recover, we’ve had to dramatically re-adjust our retirement strategy.

• As painful as it feels, we are still putting money into our 401ks. We’re actually putting a little more in than we had been.

• We’re paying extra on our mortgage - with the hope of having it completely paid off in the next 10 years.  Tax-wise, right now this doesn’t make sense.  The interest deduction is a big help.  But once we retire, not having the financial burden of a mortgage will be a tremendous relief.

• We’ve had to push our retirement age out at least a couple of years. How many years will be determined by the rate of economic recovery.We realize that - at least at the start of our retirement - we’ll be working part time.

• We’re hoping that a solid national health insurance program is put into place in the next 15 years.

How have you adjusted your retirement plans?

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