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I come here and read the forums pretty much on a daily basis. I see people paying off $40K cars, putting money into stocks, roth IRAs, planning to retire at 55 and the like. I just turned 31 which based on the current SS requirement I have 36 more years to work to get my max benefit and will probably be changed to 70, so 39! That's more than my entire life! I can't see retiring at 55, not only financially, but I like to work. Not like to work as in if I won $100 million I would continue to go, but I like the routine of it.
Right now our financial situation is tight. My GF and I live together. We rent. I have a good job, she's struggling to get a decent job. I pay most of the expenses in the house, her income goes to debt, mostly education expenses and some medical (since she doesn't have insurance through her job). We've stayed in Florida where the job market isn't that great for her for my sake, I wanted to get some tenure at my job. Now, she's looking everywhere in Florida and out of state, but we know how the job market is. She just got a job working for a restaurant and the group that owns them is headquartered here, so she will try to get into corporate after being in the restaurant for a few months. If she got a decent paying job with benefits, we could kill out debt in 2 years tops.
Anyway, after rent, bills, car, food and entertainment we have $300 left over each month. I put that in savings because if it's not one thing, it's another. This month alone I needed $400 for an MRI (my insurance deductible) and $400 for new car tires (I've ridden them as far as they can go).
I max out my 401K contribution, I have $20K in savings (cash in a savings account). Since our financial situation is fragile, I don't want to invest that money, I need it in cash right now. I'm thinking of paying off my car in Jan 2014 with $5K savings and I need the other $5K for a medical procedure this year. So I'll be down to $10K, plus whatever I'm able to save this year.
My GF's mom retired and lives on $1600 SS and pension combined, no savings. That's depressing too.
I'm in Finance myself, so I'm not having issues with money management, just the idea that this is going to go on forever, and in the end, I'll collect my $1600 check and ride the bus. I know the key is to stay out of debt, but sometimes you can't help it. Most our debt is education debt. I do have a car, but I need it to get to work. I didn't want to buy used because I had a bad experience and I just wanted to have a car from start to finish. I'm hoping to pay it off in 4 years and drive it for 10 total. I take care of it well. Our other car is used.
I'm just so frustrated with the economic situation and the future outlook. The idiots in Washington don't care and will play with people's money like it's fake monopoly money. Sometimes I just want to quit everything, file bankruptcy and start over. Of course I can't do that because since I work in Finance, I will never be able to find another job. Sigh!
im concerned about the general future of the economy and how that may impact me. right now, things are pretty good so im not very nervous on a regular basis.
I'm around your age, 32 will be 33 in a few months. Depressed? No. Concerned. Maybe. I'm working on my plan so all I can do is work towards my goals and readjust as necessary. So far I'm doing OK, but recently had some major unexpected bills come at me. Thankfully I have a decent emergency fund so I have the money to pay for it. I did put some strategically on a CC, but that was just so I can get the points for it. I have all the intentions to pay it off at the end of the month.
Maybe it's because you're in finance, and you let money matters get to you more. I try to just set small goals so I can realize accomplishments toward larger goals.
What frustrates me is the extreme uncertainty that seems to be out there economically over the course of my working career/saving for retirement. I am 28 and my wife is 25. We do everything "right" as far as budgeting, saving a lot, paying extra on the house, and maxing out our retirement accounts but I often wonder if that is not enough with the way things are going? I would like to be able to retire early like a lot of people I know who are in their 50s and retiring now from the company I work at, but I don't know we will be afforded the same growth in investments over our careers that allowed them to do that.
My biggest concern now is that I am not investing enough for "early retirement." Sure we are both maxing our Roths and 401ks, but if the goal is to retire early, I guess now we really need to push hard for not only saving but investing heavy in an account that will fund our "bridge" between when we retire and when we can touch our 401k and Roths.
I'd be depressed too if I was dating and living with someone in the financial situation your gf is.
Yes, but she's trying. I love her and I can't blame her for her situation. If tables were turned I wouldn't want her to leave because of this. We make it work and we have together. I know that once some of the bills drop off and she does get a job, that part will become easier. I'm more depressed about what the poster above said - I also have people retiring at 50-55 from my company with full pension and full medical. We are not going to get anything near that. I had one co-worker who is about 50 and retiring in 2 years tell me that in a way we are lucky. Since they are kind of tied to the 25 year pension they have to put up with being at the same company that long whereas we can just transfer our 401K and get another job. Yeah right!! In 2 years she will be sitting on 75% of her salary FOR LIFE and full medical FOR LIFE, add to that SS that she'll get in a bit and then tell me we're luckly.
I'm afraid all of our savings and retirement accounts will get errorded, or the numbers we end up with won't be enough in 40 years. Or I'll just be dead from all this crap. I think they need to readjust the retirement age to like 60 for those of us born in 1980 and further...we're not going to live as long as they think we will.
I'm afraid all of our savings and retirement accounts will get errorded, or the numbers we end up with won't be enough in 40 years. Or I'll just be dead from all this crap. I think they need to readjust the retirement age to like 60 for those of us born in 1980 and further...we're not going to live as long as they think we will.
the retirement age??? you can choose your own retirement age, nobody else sets it. if you mean the age where social security pays full benefits, fat chance. the age needs to go up because people are living longer. why should other people support your spending for 20+ years? keep saving a good % of your income, invest smartly, hope for the best.
I'm less worried about the SS age (in fact hardly at all) and more worried about them pushing back withdrawal ages for 401ks and Roths or changing the rules on th
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