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As I get closer and closer to retirement I am seeing there is no way short of a miracle I will make the goal of the million dollars the investment advisors say is needed for a decent retirement in my rollover IRA.

My question starts with some basic facts. I will have a modest pension and Social security monthly income, so when I calculate how much money I "need" towards the unlikely goal of one million dollars is it safe to add the yearly income into the total?

Lets say for the sake of argument and the stock market not tanking I will have about 650000.00 in the IRA about 100K in liquid stocks, 50K in cash savings, and a paid off home and newish car (under 5 years old). I am told I can expect about 2% income on the rollover account depending on the market conditions and lord only knows what else. Now assuming about 4,500 a month after income tax (with having 25% with held from pension and Social security) is it safe for me to add that money to the retirement fund balance?

So for every year I stay alive I will have that 54K income and can start drawing down my cash and rollover money. Or should I completely ignore the fact that I have any income and try to calculate my retirement funding excluding that income?

The financial advisors scare the heck out of me to the point I am already working past my 66 birthday and am hoping to work until I am 68 just because I am concerned there won't be enough funds for me to live and do some of the things I want to do in retirement. Nothing really fancy maybe take the grand kids to Disney World maybe a trip to Europe or South America once every 2 or 3 years. Maybe one more car before I am too old to drive and keeping the house in decent repair.

If I am conservative I can make it month to month on the income, paying Fed income tax and taxes and insurance on home and car, utilities, home upkeep and basic living needs and Part B, D, F and etc. for health insurance. I would then use the savings and retirement funds for the extra stuff. Am I being too cautious or should I really clamp down and try to exceed my savings goals mentioned earlier?

I know the first question is how old do I expect to live. Looking at family history I would estimate at least early 80's. Hopefully no need for long term care and minor assistance to stay in my home.

Thanks for any suggestions.

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