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I am in my late 30's, so is my SO. Over the past year I have just begun to really think about retirement and it scares me. Right now as the economy is still lousy, we are just trying to keep our heads afloat. Paying the mortgage and other bills. Our combined income is about 85,000. I just began maxing out the 403B (about 16,000) a year. As a teacher, I will get a pension after 30 years but who knows if I will teach another 20. My SO has no pension, or retirement plan through work, so technically I am saving for both of us. His SS will be little to nothing. I do try to save money in other ways-have a cd, invest in some stocks here and there.
Send money biweekly to a online savings account. I live in quite a high priced area, many people in my family are wealthy or doing well and I guess I am just feeling stressed and hopeless.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,688 posts, read 57,994,855 times
Reputation: 46166
Don't sweat it, enjoy your Christmas and spend a few minutes to get your 2010 in order next week.
1) listen to Dave Ramsey and get your spending in check.
2) w/ double income you should be living right, $85k is plenty to work with, tho not quick trip to wealth
3) Consider cost of living options. (house sitting, Mother-in-law apartments, ...)
4) Do some systematic investing with good international exposure and growth potential. (ETF's on your own or NO-LOAD mutual funds if you need management help).
Don't get high expectations, life takes time (for most of us). I've never done the 'SO' process, so no experience that way. I would rather work multiple jobs when unattached, kids change this equation pretty radically. (to put it mildly)
i would advise you to consider a form of income and investment protection. i know an agent with new york life who has a few clients with long/short term disability insurance and (i think) a variation of a universal life policy that makes investments into their chosen vehicles in the event of disability. ozark national life has the balanced program (i used to sell for them) that is a very nice choice for someone in your situation.
start investing with a company like fidelity or scottrade, they offer plenty of material to educate yourself and help you plan. while i am a registered representative, i cannot offer you specific advice without asking you more questions about your life and financial situation. you're going to have the best outcome if you contact someone with an investment brokerage firm (such as waddell & reed or edward jones) to get some perspective and more personalized advice.
Ty Stealth. Good advice. I think I do feel impatient lately. I have several friends who are doing quite well right now financially and when they speak about the things they are doing for retirement. I think Oh wow, I am so behind and will never be able to retire. It just has bothered me lately.
I think it best not to look at relatives and others who are (or appear) to be wealthy or better off. What's the point? If you are doing as much as you can (and it sounds like you are) then just keep doing it. And don't forget to keep your eyes open for SO to improve situation with income or benefits job should one happen. Don't forget to enjoy the home you are paying for and love your pets if you have them, and do send a few bucks to at least one cause that you believe in. If everyone sent even 25 bucks a year to at least one cause, a whole lot could get done.
Best wishes.
Look into the state of Florida's DROP program. My mom is a teacher in Broward and she's in the Drop retirement program. You need to have either 30 yrs of service in the state of Florida or be age 62. They(the state) doubles your retirement and keeps it in an account for your retirement. At the end you can get it all in a lump sum or get a monthly check. My mom has been on the program for almost three yrs and already has accrued about $100,000 extra for her retirement, it's a God send. I believe Firemen and Police officers also have access to the program as well. Call your benefits department to get info on it. Good luck and feel free to DM me if you have any questions. Take care, ..lil red.......
I am in my late 30's, so is my SO. Over the past year I have just begun to really think about retirement and it scares me. Right now as the economy is still lousy, we are just trying to keep our heads afloat. Paying the mortgage and other bills. Our combined income is about 85,000. I just began maxing out the 403B (about 16,000) a year. As a teacher, I will get a pension after 30 years but who knows if I will teach another 20. My SO has no pension, or retirement plan through work, so technically I am saving for both of us. His SS will be little to nothing. I do try to save money in other ways-have a cd, invest in some stocks here and there.
Send money biweekly to a online savings account. I live in quite a high priced area, many people in my family are wealthy or doing well and I guess I am just feeling stressed and hopeless.
Scared Sally
Don't think of "retirement" as an "early death". Retirement can be a gateway to many other opportunities for you to explore. Besides, you can't know what you will want/need when you get to your retirement time. Time changes all that............
Until that time stop worrying and wasting your life to just "Carpe diem" with gusto instead!
Significant others aren't always forever and your retirement savings is 100 percent contributed to by you? If I were you, I'd get some advice on that, alone.
I am in my late 30's, so is my SO. Over the past year I have just begun to really think about retirement and it scares me. Right now as the economy is still lousy, we are just trying to keep our heads afloat. Paying the mortgage and other bills. Our combined income is about 85,000. I just began maxing out the 403B (about 16,000) a year. As a teacher, I will get a pension after 30 years but who knows if I will teach another 20. My SO has no pension, or retirement plan through work, so technically I am saving for both of us. His SS will be little to nothing. I do try to save money in other ways-have a cd, invest in some stocks here and there.
Send money biweekly to a online savings account. I live in quite a high priced area, many people in my family are wealthy or doing well and I guess I am just feeling stressed and hopeless.
Scared Sally
Relax you are in great shape. Truly good shape. Your husband is another story. I say that because the pension and 403B are your accounts and his access to the is through you. The fact that you have a pension and are maxed out in your 403B says it all. There are three pillars for you to rest your retirement on.
1. Pension- A great one regardless of the faculty room/union whining.
2. Investments- You are maxed out in your 403B and are still saving elsewhere.
3. Social Security- Not sure if Florida public employees are part of Social Security if so you will have a much larger than average payout
Remember 30 years is only a vesting or eligibility number of years for you to work as a teacher. Shoot for 35 as your benefits will only increase and you will probably be or close to being 591/2 so you will have access to your tax sheltered money also. Yes I know you can access it earlier but for you it is part of the whole package. Remember SS is based on 35 highest years and if you don't work 35 they factor in 0. Also each year you work after 35 teaching will replace the early years where you made peanuts by comparison. Will your district provide health care? If so that is a super plus. However your husband will probably have to be on YOUR policy. More to come after you react to this. Count your blessings you are blessed.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,688 posts, read 57,994,855 times
Reputation: 46166
Friends who 'early-retired' as school teacher found a 'new life' teaching all over the world at Department of Defense schools. Several good gigs with GREAT students, strong support, and accessibility to travel and other cultures. They would rent a 'flat' off base, usually a 'guest qtrs' from locals who were a huge help for advising of local travel and cultural activities. One spouse worked and the other took full time language school.
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