A Redditor, nearing retirement, is assessing his financial readiness given a pension, Social Security, and outstanding debts. At 65 and with 29 years in forestry, he earns $100K annually, set to receive a $50K pension plus $36K from Social Security. He has substantial savings: $450K in an IRA and $300K in CDs, but faces a $350K mortgage. Considering taxes and spouse security are vital to his financial planning, consulting a financial advisor is recommended to address these complex issues.
While preparing for retirement, it’s vital to consider pension, Social Security, and any outstanding debts to ensure financial security for oneself and one’s spouse.
Discuss your retirement plans with a financial advisor to avoid overlooking essential factors like taxes, debts, and the financial well-being of your spouse.
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