We all have Plans on retiring and a ruff idea of what our income will be.For some it is social security only for others it is a pension savings and SS .The days of set in stone payouts are ending. Social security has said by 2030 it may have to reduce payout to 85 to 90 % now Congress is going to allow pension plans to reduce payouts to maintain solvency.http://www.msn.com/en-us/news/politics/congress-could-soon-allow-pension-plans-to-cut-benefits-for-current-retirees/ar-BBgj0f9?ocid=U141DHP Now I do not have a pension plan but I do believe that 80% of a retirement is better than nothing. This affects private plans but government plans will soon be included.
In the city of Pritchard Al. they haven't payed a penny in retirement since 2009.Can we say Detroit once the flood gate open you will see this at all levels nation wide. The days of fixed income retirements may be ending.
In the title I used the term survival rather than retirement for a reason . In the past people worked to 65 and then quit to enjoy the benefits that they had earned in their working life. Now those benefits can be changed at a whim. Will you have the flexibility to adapt to the change. Do you have a worst case plan to fall back on?
Retirement should be planed for like a survival situation. If it isn't as bad as you planed you are sitting pretty if it goes to crap you were prepared for it.