"While preparing for retirement, itâs vital to consider pension, Social Security, and any outstanding debts to ensure financial security for oneself and oneâs 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."
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.
Read at 24/7 Wall St.
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