It's a state government pension so as long as the state doesn't go bankrupt I think it's safe and in 7 years I'll get social security, another $15,000 a year and ss does get cost of living increases, so with $175,000 in the bank now - $35,000 till SS kicks in, I'll have $140,000 left and should actually be able to save that $35,000 back into savings before inflation eats up the pension and SS yearly. I'm just hoping it'll be enough.George the original one wrote:If the pension gets cost of living increases and is guaranteed not to be legislated away (or go bankrupt), then yes.old_fart wrote:If I had $15000 in expenses and a $10,000 pension would I just need $5000 x 35 ($175,000) to be good for life or will I need to have $15,000 x 35 ($525,000) even with the pension? The $178,000 is sitting in an account getting 1/2 percent interest, I don't want to invest it, I'm paranoid and won't to keep it 100% safe even if it's not growing.
Honesty I don't want to earn any more money if I don't have to, that's why my cash is sitting in a savings account. I don't really want to pay anymore taxes than I'll have to pay on the pension.