<p>Lerkin: “We have been very careful and intentional about retirement planning”</p>
<p>For us, this means making projections assuming NO SS (I fear it will be means tested at some point), maxing out all retirement options including 401K/IRA/deferred comp, converting a portion of our IRAs to a Roth (and taking the resulting tax hit now while we have two incomes) and purchasing LTC insurance. We live significantly below our means. We also refinanced to a 15 year mortgage a while back, so that we can be mortgage free in our golden years if we chose to do so (we like the deduction!).</p>
<p>The biggest thing we do, though, is stay in our jobs. I don’t enjoy mine much and we could “afford” for me to quit or go to a more fulfilling/lower paying job, but the 401K growth from staying put is compelling. H would much rather retire outright! </p>
<p>We are close to the line of sacrificing too much now for enjoyment later (we could get hit by buses tomorrow or get ill and be unable to enjoy the plans we have made). However, we have elderly relatives that are really financially strapped and we had one parent need a crazy amount of money for his long running final illness. Also, H has a sibling that will likely be dependent on us. And, we all know that adult kids can boomerang. So, this uber-conservative approach gives us peace of mind.</p>