I'm 47 years old and eyeing age 60 as my retirement age. I have a 401k and company provided pension. My 401k contributions I have gradually increased until finally hitting the max 3 years ago, and I plan on staying at this level of contribution for next 13 years.
A friend of mine, who is in same situation and works for same place, pointed me to the social security website where you can actually project with some level of confidence what future values will be. I was pretty surprised I must say, as it lines up with pension values pretty well. At age 67, it projects about 3500 a month.
My confusion is that I've always heard "by time you retire, there will be no social security", so that's how I've thought. But if it's there, then it changes how I might plan for retirement. Maybe it won't be necessary to have paid off my mortgage first, for instance.
Right now, I think if I retire at 60, I'd defer both pension and social security until 67, for maximum benefit, and live from saved cash and 401k disbursements.
Any thoughts on any of this? Both those in my situation (planning) and those that are actually retired. What are the lessons learned?