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I still don't see why it's mandatory to retire in one's sixties. Why not keep working longer and save money?
It's not mandatory, but lots of people are burned out or booted out of good paying employment long before their 60s. Age discrimination is also a real thing. It's great to work into your 70s if you're willing and able, but most people aren't.
What does "now" have to do with anything. Your husband is 63 and your OP discussed being "poor" when your husband retires 7 years from now when he's 70. What would prohibit you from moving to a lower cost-of-living locale at that point in time?
That's what I'm thinking.
If you're tired of the slog, why not move to nearby upstate NY? It's much cheaper and has the New England vibe you want.
I also wonder, Bluestocking, are you really tracking all your spending? Most people say they know where their money is going, but they really don't.
No, our daughter is up and out and working as a BA level Social Worker. It took her 10 years to get through college but, by god, nothing was going to stop her. If we hadn't spent 100s of thousands during her childhood getting her/fighting for services, she would never be where she is today. She's applying for grad school next year.
Now you just need to apply that same sense of determination to your own financial situation.
Just to add another perspective about the COL issue, I make more than 80K a year and cannot afford to buy even a 2 bedroom condo more than an hour outside of Boston unless I was willing to really stretch it (which, because I don't want to end up in the OP's shoes in 35-40 years when I am due to retire, I won't do). It wasn't until I passed 70K a year that I felt that I could afford to stop living with roommates and move way out into the suburbs for an apartment, and even that was not the most financially responsible thing I've ever done. And I'm just paying for myself. No kids yet because, again, I'm terrified of being in the OP's shoes. My own parents are there and looking at the bank of daughter and son to supplement their lack of planning - it's not a good feeling for any of us.
That said, I've never had as much disposable income after housing as the OP (though I suppose I'm close now if I wasn't saving so much in my 401K before it even hits my bank). What concerns me is what seems like undercutting housing costs. My rent went up by $100 this year. I have no doubt that I'll see a similar increase next year. I previously lived with roommates in an apartment where the landlord barely increased rent in 7 years - it was a shock to see how much rent had gone up all around! If we all vacated the apartment, he could easily have charged 1/3 more than what we were paying and still been on the cheap side. Rents all over the country are going up, so what you pay now is likely nothing close to what you'll have to pay in 10-15 years with dwindling resources and declining health.
How are you tracking spending? I have my credit cards hooked up to Mint so I can see every penny spent (I don't use cash and don't have a debit card). It's eye opening. Cut it down to the bare bones so you at least have some money saved for retirement. No more vacations. New clothes only when you wear through the old ones. Eat eggs and tinned fish for protein (rice, veggies, and sardines make a nice Japanese-style dinner - and cheap!). You have some time to prepare more than you've prepared now.
They have no money. That’s this whole thread is about.
"They have no money".
I had to ask my landlord last month if I could hold off on the rent until this month and got my car payment deferred until the end of the loan so I could go get dentures! THAT is not having any money!! I unfortunately have to live SS check to SS check but until last month have been living (to me) well enough. New car, well it was two years ago, a roof over my head, being able to pay car and health insurance, cell phone, food, what else can a person want??
You are also assuming that anyone will hire them at that age. Go to any job market board, and you'll find that age discrimination is frequently discussed. The trend is that people are living longer, but are being jettisoned from the "real" labor force earlier. People have to accumulate enough wealth in a shorter period of time to hold them through a long retirement.
Something will break.
Agreed. Something usually breaks for a lot of people when they hit their 50s. Our OP and her husband are lucky they're bringing in a 6 figure income at their age.
I still don't see why it's mandatory to retire in one's sixties. Why not keep working longer and save money?
Sometimes people want to work longer, but they simply can't. It's not just people with physical jobs, either. I have had coworkers who's mental acuity sharply declined. Even though they wanted to keep working, their job performance was no longer up to par.
Just to add another perspective about the COL issue, I make more than 80K a year and cannot afford to buy even a 2 bedroom condo more than an hour outside of Boston unless I was willing to really stretch it (which, because I don't want to end up in the OP's shoes in 35-40 years when I am due to retire, I won't do). It wasn't until I passed 70K a year that I felt that I could afford to stop living with roommates and move way out into the suburbs for an apartment, and even that was not the most financially responsible thing I've ever done. And I'm just paying for myself. No kids yet because, again, I'm terrified of being in the OP's shoes. My own parents are there and looking at the bank of daughter and son to supplement their lack of planning - it's not a good feeling for any of us.
That said, I've never had as much disposable income after housing as the OP (though I suppose I'm close now if I wasn't saving so much in my 401K before it even hits my bank). What concerns me is what seems like undercutting housing costs. My rent went up by $100 this year. I have no doubt that I'll see a similar increase next year. I previously lived with roommates in an apartment where the landlord barely increased rent in 7 years - it was a shock to see how much rent had gone up all around! If we all vacated the apartment, he could easily have charged 1/3 more than what we were paying and still been on the cheap side. Rents all over the country are going up, so what you pay now is likely nothing close to what you'll have to pay in 10-15 years with dwindling resources and declining health.
How are you tracking spending? I have my credit cards hooked up to Mint so I can see every penny spent (I don't use cash and don't have a debit card). It's eye opening. Cut it down to the bare bones so you at least have some money saved for retirement. No more vacations. New clothes only when you wear through the old ones. Eat eggs and tinned fish for protein (rice, veggies, and sardines make a nice Japanese-style dinner - and cheap!). You have some time to prepare more than you've prepared now.
I’ve been back to visit my first condominium, the one I rented almost 40 years ago in Andover, MA. Today it’s on the market for about $200k-$300k.
Framingham is another area with house price in the $300k - $400k range. Are these areas too far for you?
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