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Social Security Increase Next Year

That's good news, generally. The increase in the CoL (Cost of Living) means somewhere around $39 a month for the average recipient, less for those earning less than $1400/month.

Those whose medical bills or rent has increased will not see as much in their pockets.

I'm one of those who don't fit the standard advice. I receive pensions from teachers systems (one that actually reduces my Social Security check), still work part-time subbing (mostly to boost my SS by eliminating zero years), and have savings in annuities - both variable and fixed.

When the experts suggest you stockpile half-a-million to a million dollars in savings/investments, pensions are not considered. I used one of the many retirement calculators to determine that, if I were retiring one year from now, to receive an income equal to my current pension, I'd need to have $370,000 in savings/investment.

Wow!

I just checked again, and to replace my husband's pension (both current, and what he will be taking next year), he would need to have invested $600,000 already.

Double Wow!

So, when looking at teacher pay, you might want to stop saying that they're not paid enough. The value of that pension is tremendous!

Of course, unlike investments or savings, that pension stops when the teacher dies. So, they might not be able to collect fully, before it disappears.

On the other hand, unlike savings/investments, they cannot lose it due to medical bills/long-term care, or a stock market dip.

In general, the best strategy seems to be a mixed one - a balance of variable and fixed annuities, ruthless elimination of debt, and sensible lifestyle choices - proper diet & exercise - to maximize the chances that you will not outlive your money.

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