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<blockquote data-quote="Babagounj" data-source="post: 2519467" data-attributes="member: 12952">Don&#039;t forget that SS funds are taxable .The feds can tax up to 85% of benefits, depending on your income. Thirteen states also tax Social Security.Withdrawals of pretax money that you contributed to a 401(k) or a traditional IRA throughout your working years also will trigger a federal and possibly a state income tax bill.(The one bright spot: <a href="http://www.kiplinger.com/article/retirement/T046-C006-S001-why-you-need-a-roth-ira.html" target="_blank">Withdrawals from a Roth 401(k) or Roth IRA will be tax-free in retirement.</a>After-tax 401(k) contributions and nondeductible IRA contributions can be taken out tax-free, too.)Medicare does not cover everything .You will be required to get supplement coverage&nbsp; like long term healthcare .And you must think about how long you will live in retirement.You must plan on living for 30+ years .Most financial planners will devise a plan going out to your age of 105 years . This way when you hit 80-85 yrs old , you&#039;ll still have funds available .No one can predict that your pension will last that long , so having other sources is vital.</blockquote>

[QUOTE="Babagounj, post: 2519467, member: 12952"] Don't forget that SS funds are taxable . The feds can tax up to 85% of benefits, depending on your income. Thirteen states also tax Social Security. Withdrawals of pretax money that you contributed to a 401(k) or a traditional IRA throughout your working years also will trigger a federal and possibly a state income tax bill. (The one bright spot: [URL='http://www.kiplinger.com/article/retirement/T046-C006-S001-why-you-need-a-roth-ira.html']Withdrawals from a Roth 401(k) or Roth IRA will be tax-free in retirement.[/URL] After-tax 401(k) contributions and nondeductible IRA contributions can be taken out tax-free, too.) Medicare does not cover everything . You will be required to get supplement coverage like long term healthcare . And you must think about how long you will live in retirement. You must plan on living for 30+ years . Most financial planners will devise a plan going out to your age of 105 years . This way when you hit 80-85 yrs old , you'll still have funds available . No one can predict that your pension will last that long , so having other sources is vital. [/QUOTE]

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