So Sick of "Save for Retirement" Advice!
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| Thu, 01-12-2006 - 8:47pm |
I just had to post a vent ... I'm so tired of hearing/reading all the experts go on and on about how you have to save for retirement early in life or you're sunk! I'm sure it's true, and that's why I'm so sick of it!
Dh hasn't had a full-time job for the past 11 months. He and I both work part-time jobs (he has about 7!) whenever possible (he works all kinds of crazy hours, even overnight, so my only job has been work-at-home clerical, which paid well but was temporary) and are just treading water financially. Even before he was laid off, our income had dropped each year for the past 5 years (terrible job market/economy here in Michigan -- the worst in the nation, last I read). I don't know when we'll ever be able to pay off our debt and start really saving.
And we'll both be 37 this year ... I feel like we'll never be able to move out of our tiny house, or upgrade his car, or ever have enough money to retire!!
I'm feeling sad and jealous of anyone and everyone who has a good stable job. *sigh* I know we'll get past this eventually ... won't we?? Any words of encouragement would be SO appreciated!!!! :-)
Amy

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Do you have any savings? I know it is hard to do sometimes. When we were broker than broke we had the $20 Jar. It was an old glass jar that every week we tried to stick a $20 in it. Once you hit $100, just bank it! There are thousands that didn't start til they were in their 50's. You may have to be aggresive, but you can do it!
Keep it in perspective. You have each other and for the most part your health (I assume)That is far more than many others.>>
I'm so sorry your family is feeling the pinch of the economy so much, too! It's so hard to be in a job you hate ... I hope another option presents itself, too.
We do have a *tiny* savings cushion. We're doing our best not to touch it. We've had to dip into it here and there, and I'm concerned we will again, as we have some medical bills upcoming.
But you're right -- whenever I feel really down about the situation, I try to be thankful that we have a loving family and all *are* pretty healthy and aren't facing some sort of devastating, ongoing medical crisis. A couple we know is going through that and have lost everything due to the wife's terminal illness -- their home is being foreclosed on this month. :-(
Thanks for helping "talk me down"! :-)
Amy
<< Hugs Amy - I know what you are feeling! I was feeling it not too long ago myself (and am STILL feeling it). ...........
I do agree with the others though that you do have to deal with the here and now when you are in debt and take it one day at a time. I also tend to refuse to put life on hold "until retirement" - my MIL didn't live until retirement and my FIL certainly doesn't have the freedom to enjoy anything he might have put away.
It does get tiring hearing about you've screwed up if you didn't start saving for your retirement when you were 16 type of thing but you do what you need to do and try your best. Hang in there! >>
Becky:
((Hugs)) right back at ya! :-)
Thanks for posting about where you're at. It helps to know that others are plugging away at it, just like we are.
I so appreciate the posts by you and all the great ladies here. They really lifted my spirits this morning. And they really needed lifting -- it's dark, gray and rainy here today! I'm actually smiling now!
I'm going to print this thread and save all the good advice I received so I can read it over and over. :-)
Thank you again, everyone!!
Amy
I understand how you feel completely.
Pumpkin
&nbs
You know, I have often let myself feel bad and hopeless about that kind of "advice", too. I feel the same way about Suze Orman because she seems so scolding. My husband and I are 48 and 57, our kids at 10,8,6. And while we do have some money in his 401K it is nowhere near where we are "supposed" to be. At our ages we are supposed to have like 100-200K saved. Yeah, right. That might as well be 100-200 million... We also didn't start saving for college the moment our kids were born. We were in the midst of moving across country and buying houses and frankly it just didn't seem a priority. Was that a mistake? Probably. But what bugs me is there is this tone that if you didn't do it then you will never be able to afford college. If you look at those charts we would have to have at least 100K saved for three kids in college.
I understand why there is all of this financial advice out there but in reality many, many people see they are so far "behind" they just give up. I think there should be some kinder, gentler advice for people who want to save but maybe can't right now or start late or something. Give people some encouragement instead of browbeating them for what they didn't do years before. Just my 2 cents.
Jenny
They make me sick too, Amy! The writers of that "save early or you're doomed!" advice seem for forget that life sometimes brings negative circumstances that prevent us from doing the "right" financial thing (investing) just to keep gas in the car, the lights on, and food on the table.
Sometimes the negative circumstances like unemployment in your case, illness, hurricanes and, in my case, divorce make it absolutely necessary for us to install a "temporary emergency management plan". We shouldn't be made to feel ashamed for that. I started over working at age 44 after being a sahm with NOTHING! I even had to "cash in" my half of ex's 401K plan just to pay the attorney fees to keep my ex from winning full custody in the nasty legal fight he started. It used up all the cash I could lay hands on and everything I could borrow. Then, ironically (or maybe not) he quit fighting. He got what he wanted--I didn't get (to keep) any of "his" money--but I laugh to think he had to pay out as much as I did. I was starting over with nothing but debt. Now I do contribute to a 401K through work, but it looks like I'll be working till I'm too old and feeble to enjoy it--lol.
I hope you found lots of encouragement from the other posters' advice. It helps me to know that I'm not alone in this battle of the budget.
Cupcake
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Exactly!!! :-) I guess that's the only way we *can* look at it, right? And as long as we're working in that direction, we're bound to see some progress! :-)
Amy
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Jenny:
I agree. It would be nice if there were someone out there with a strategy for people in our situation, wouldn't it? Don't waste time telling us what we should have done -- tell us what we CAN do now!
That's what's so nice about this board. We can bounce ideas off each other and support each other. I know I am *really* appreciating the support part today! You all have been so wonderful and have really lifted my spirits. :-)
Amy
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Cupcake:
I absolutely did! And thank you for sharing what you've been through, too. I can't imagine how hard that must've been. And I think my dh and I will be right there with you, working 'til who knows when! ;-)
Amy
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I know that feeling! Doesn't it just suck that we unconsciously (or consciously) compare ourselves to other people? A friend of mine who is the exact same age as me often complains that she is only making $24 an hour and only works 20 hours a week. A person in her field "should be making at least $30 and working full-time". Excuse me, you make exactly the same amount of money that I do at the end of the day, and work HALF as much time! And you are only 27 and still starting out!!! Be happy with what you have!
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