5 Ways to Protect a Surviving Spouse in Retirement

What would you advice on this one...

I will soon getting a pension (settlement)of $70K (estimate).

I plan to payoff my car in w/c I owed $22K. My monthly payment is $464.00.

Help out my 3 kids w/c will cost me total of $7K (inclds:cars & college tuition)she is graduating next spring 2011.

I plan of investing a property lot overseas to retire. Lot cost $40K on a 9,500sqf. I have 15-20 yrs before retiring.

After paying off my auto loan, I plan to start putting $300 per month on a NEW IRA

I plan on increasing my 401K to $150.00 per month. My employer has a matching 401K plan (Currently: I only putting $75.00 per month)

I do have life insurance in place 1 from my employer and 2 outside (Prudentl)

I'm aware of tax implications.

Any advice would be greatly appreciated

P.S I don't have any savings

Dev

Divina of WA 1:31PM June 27, 2010

I work where our retirement is self funded with the County. After 20 years at the age of 52 you can retire with the benifit of 50% of the highest three years of pay. We are also elgible for a drop program that allows us to continue to work for three more years. While working thosed three years our pension going into a fund that we can not get unless we quit or retire after the the tree years. Ia there a way to draw that pension after the three years without paying a large amount of taxes.

bob of IN 12:24PM June 27, 2010