Hi I am feeling old and poor

old woman · 12-22-2005, 04:44 PM

I am 57 but feel older sometimes. This week I hurt from a slip on the stairs and don't want to be at work. Normally I kinda like my job but I am afraid the company is going away in the next year or two. I don't have enough money to retire but don't want to do anything new.
I have saved about 190K and have about 250K equity in my house and a old truck. I don't make big money so how can I get enough to retire? I can put 20K into my 401K next year and 5k into my ROTH if I work all year and don't spend any money. I don't have any way to get medical insuance without a job. How can I quit my job and retire with no money and no insurance? If I wait until I am 62 I can get SS but still no medical insurance. If I work until 63 1/2 I could get cobra to last until medicare. I don't see any way out of working full time for 7-8 more years while staying broke from paying for 401K and ROTH payments.
Does anyone know of any way to retire younger without a pension or health insurance? Seems like only government or union workers have enough to retire young.

brewer12345 · 12-22-2005, 05:07 PM

I think you need yo re-frame the situation. Can you hang up your spurs and walk off into the sunset right now? Apparently not. Can you find a different way of living that will be more fulfilling and less stressful on the bod? Probably. Try taking a few days off, decompressing, and then come back to the problem. Think creatively. For example, what if you find a part time or lower effort job with benefits that will let you coast for the next several years? You wouldn't be able to save much, but your existing assets would grow and you wouldn't be miserable. Another idea: how about retirement outside the US? The biggest hurdle for you is medical insurance. Many places outside the US have cheaper medical care available. You get the idea: brainstorm. There are lots of creative people here who can help.

old woman · 12-22-2005, 05:16 PM

Can you find a different way of living that will be more fulfilling and less stressful on the bod? Probably. Try taking a few days off, decompressing, and then come back to the problem.

I get 9 days off for Christmas that should help. I actually like stress, mental not physical. The job I have is easy and if it last until I am 65 I am fine with it. I am only behind on filing and I hate filing and my leg hurts so I am upset with my job. I am doing accounting now, I have a degree in accounting but doing a really easy job that doesn't pay much.
Another problem is my boyfriend, he needs to work at least 4 more years to get a pension so if I moved he wouldn't want to go. We have been together almost 20 years and I am planning to keep him around another 20, but not marry him ever. He wouldn't want to live in another country, neither would I, my mom and grandma are here as well as younger family. Mom is 79 and her mom is 98 so they like us kids to stay near to help them out. I am going to lunch with mom Saturday.

Lazarus · 12-22-2005, 05:19 PM

How much are you spending a year to live? Don't count what you are saving.

Sheryl · 12-22-2005, 05:56 PM

I guess the boyfriend part kind of rules out what I was thinking.

But anyway: Depending on what it's worth, could you sell the house, move to a lower cost area and buy a smaller less expensive house or condo outright? Invest the extra equity money toward retirement, and then when you reach age 65 get a reverse mortgage on the paid-up house to help with retirement costs?

MRGALT2U · 12-22-2005, 06:02 PM

Quote:

Originally Posted by old woman

I am 57 but feel older sometimes. This week I hurt from a slip on the stairs and don't want to be at work. Normally I kinda like my job but I am afraid the company is going away in the next year or two. I don't have enough money to retire but don't want to do anything new.
I have saved about 190K and have about 250K equity in my house and a old truck. I don't make big money so how can I get enough to retire? I can put 20K into my 401K next year and 5k into my ROTH if I work all year and don't spend any money. I don't have any way to get medical insuance without a job. How can I quit my job and retire with no money and no insurance? If I wait until I am 62 I can get SS but still no medical insurance. If I work until 63 1/2 I could get cobra to last until medicare. I don't see any way out of working full time for 7-8* more years while staying broke from paying for 401K and ROTH payments.
Does anyone know of any way to retire younger without a pension or health insurance? Seems like only government or union workers have enough to retire young.

Read my posts.

JG

haha · 12-22-2005, 06:09 PM

Does anyone else think this could be a gag? If not, I apologize to the OP for thinking it.

Ha

12-22-2005, 07:05 PM

Quote:

Originally Posted by HaHa

Does anyone else think this could be a gag?

I doubt it, but I'm not a good judge. I think that this situation may be typical of a lot of people in their late 50's.

JPatrick · 12-22-2005, 08:26 PM

Quote:

Originally Posted by HaHa

Does anyone else think this could be a gag? If not, I apologize to the OP for thinking it.

Ha

I wondered too.* I haven't known a woman who would call herself old.
So at the risk of being called a smartass or worse

, I'd say a good start would be to change that handle to something that expresses a bit more optimism.
Really.

old woman · 12-22-2005, 10:37 PM

Quote:

Originally Posted by Lazarus

How much are you spending a year to live? Don't count what you are saving.

About $4,000 for property taxes, 2,500 for insurance, 4,000 for interest, 4,000 for utilities and 10,500 for food, clothing, transportation, gifts, maint on the house and all other expenses but it could be more in a bad year if I need car repairs or get sick. About 25K total cost but my medical is completely covered at work. I didn't cover payroll taxes because they will go down in retirement. I didn't count princpal on the house because I am paying interest only plus any amount I can afford maybe 3,000 a year but that goes up in 7 more years.

old woman · 12-22-2005, 10:44 PM

Quote:

Originally Posted by Sheryl

I guess the boyfriend part kind of rules out what I was thinking.*

But anyway:* Depending on what it's worth, could you sell the house, move to a lower cost area and buy a smaller less expensive house or condo outright?* Invest the extra equity money toward retirement, and then when you reach age 65 get a reverse mortgage on the paid-up house to help with retirement costs?

I have considered the reverse mortgage but I will probably wait until I am much older than 65 so I get more per month. I will move to a lower housing cost area probably so I can make some money from the sale of this house and I want to move anyhow this house has too many stairs. I really don't want to move too far because my mom and brothers and niece and nephews are here but even an hour away is cheaper and about the same distance to family they live farther out of the city.
Another plan is to be low income and get a discount on property taxes like my mom and grandma, mom pays less than a third of what I have to pay.

12-23-2005, 04:38 AM

OW -- the best book for you to read may be Fred Brock's "Retire on less than you think." I believe that you might find it helpful in your situation.

chris2008 · 12-23-2005, 06:20 AM

Hello,
You may find www.slnet.com helpful, too. There are lots of ideas for people who want to live on less and save for retirement or other goals.

I would track expenses in detail for some time to identify some areas where I could save to invest.

Also, as accountant you might get qualified to to some kind of tax work when your job really goes away. You might build up knowledge on this already now.

"Get a life" by Ralph Warner might be good read for you, too. His point: "you do not need a million to retire well".

**Martha** · 12-23-2005, 06:29 AM

What state do you live in? Depending on your state there might be reasonable cost options for the medical. See, www.healthinsuranceinfo.net for health insurance guides to your state.

Do you know how much your COBRA premium will be when you leave work? COBRA will cover you for 18 months after you leave the job.

The health insurance game has a lot of pitfalls. Don't let a period of time pass by where you are uninsured. It will likely be much easier to get insurance when coming off your group plan at work, because under federal law you can force insurance companies to sell you a policy if you are losing "credible coverage" under a group plan. The issue then becomes one of cost. That is why it matters where you live.

wildcat · 12-23-2005, 07:23 AM

If it makes you feel any better I am young and poor. I hope things work out for you but you have to change something if you want different results.

dex · 12-23-2005, 07:40 AM

Quote:

Originally Posted by HaHa

Does anyone else think this could be a gag? If not, I apologize to the OP for thinking it.

Ha

I'm leaning your way:
"About $4,000 for property taxes, 2,500 for insurance, 4,000 for interest, 4,000 for utilities and 10,500 for food,"
total $25K
This post doesn't feel right. Wouldn't you think an accountant would have a better breakdown of expenses? I'm an accountant - I don't play one on TV
Happy holidays

**Martha** · 12-23-2005, 07:59 AM

Hey guys, I think the OP is as real as any of you.

There are days I feel like an old woman too. But, Old Woman, if you are going to post here frequently you might want to change your name. It is very hard to call you OldWoman, I feel like I am talking to my grandma.

O'Woman, enjoy your days off, get more facts on health insurance, and try to figure out how much income you likely will need in retirement. And enjoy life in the interim.

old woman · 12-23-2005, 04:37 PM

Quote:

Originally Posted by Martha

What state do you live in? Depending on your state there might be reasonable cost options for the medical. See, www.healthinsuranceinfo.net for health insurance guides to your state.

Do you know how much your COBRA premium will be when you leave work? COBRA will cover you for 18 months after you leave the job.

The health insurance game has a lot of pitfalls. Don't let a period of time pass by where you are uninsured. It will likely be much easier to get insurance when coming off your group plan at work, because under federal law you can force insurance companies to sell you a policy if you are losing "credible coverage" under a group plan. The issue then becomes one of cost. That is why it matters where you live.

The company pays 334.65 for my insurance but cobra is a 10% more.
I didn't know they would be forced to sell you a policy, that could make all the difference to me. I am in WA state, we have a program for the poor but they keep cutting funding making it hard to get.

old woman · 12-23-2005, 04:49 PM

I would track expenses in detail for some time to identify some areas where I could save to invest.

Also, as accountant you might get qualified to to some kind of tax work when your job really goes away. You might build up knowledge on this already now.

I have my expenses tracked in detail, I just rounded. For example I wrote utilities 4,000 but they average 366. This is my last month to have cable tv so that will go down about $40. My property taxes are 1957 every 6 months but I just rounded to 4,000. Mortgage interest is adjustable at 6.25% now on 72,000 but it was less before the last month or two 355 this month. I do know exactly were my money goes or I couldn't save 25K in retirement funds a year and pay down the mortgage.
I could start a tax practice, I did taxes for about 18 years and was a CPA for a while as well as a tax analyst for a software company. I do 3 returns a year now but if I took a review class and advertized I could get more work. If I were to do that I would want to get 80 hours continuing Ed to be a CPA again so I could charge more.
My current job is very easy and no stress at all but doesn't pay much. I did enjoy the pace at software companies, I did software support 11 years, constant stress, 24/7 emergency support, whole companies waiting for you to fix the software problems so they could work. I did apply for a job like that again this fall but didn't get it. Maybe I am just bored and not challlenged and should pretend I am 10 years younger and go start new things. I guess I would need a new name like middle aged woman.

**Martha** · 12-23-2005, 05:01 PM

Quote:

Originally Posted by old woman

The company pays 334.65 for my insurance but cobra is a 10% more.
I didn't know they would be forced to sell you a policy, that could make all the difference to me. I am in WA state, we have a program for the poor but they

12-22-2005, 04:44 PM	#1
old woman Recycles dryer sheets Join Date: Dec 2005 Posts: 240	Hi I am feeling old and poor I am 57 but feel older sometimes. This week I hurt from a slip on the stairs and don't want to be at work. Normally I kinda like my job but I am afraid the company is going away in the next year or two. I don't have enough money to retire but don't want to do anything new. I have saved about 190K and have about 250K equity in my house and a old truck. I don't make big money so how can I get enough to retire? I can put 20K into my 401K next year and 5k into my ROTH if I work all year and don't spend any money. I don't have any way to get medical insuance without a job. How can I quit my job and retire with no money and no insurance? If I wait until I am 62 I can get SS but still no medical insurance. If I work until 63 1/2 I could get cobra to last until medicare. I don't see any way out of working full time for 7-8 more years while staying broke from paying for 401K and ROTH payments. Does anyone know of any way to retire younger without a pension or health insurance? Seems like only government or union workers have enough to retire young.

12-22-2005, 05:07 PM	#2
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,039	Re: Hi I am feeling old and poor I think you need yo re-frame the situation. Can you hang up your spurs and walk off into the sunset right now? Apparently not. Can you find a different way of living that will be more fulfilling and less stressful on the bod? Probably. Try taking a few days off, decompressing, and then come back to the problem. Think creatively. For example, what if you find a part time or lower effort job with benefits that will let you coast for the next several years? You wouldn't be able to save much, but your existing assets would grow and you wouldn't be miserable. Another idea: how about retirement outside the US? The biggest hurdle for you is medical insurance. Many places outside the US have cheaper medical care available. You get the idea: brainstorm. There are lots of creative people here who can help. __________________ "When caught between two evils I generally pick the one I haven't tried before." - Mae West

12-22-2005, 05:16 PM	#3
old woman Recycles dryer sheets Join Date: Dec 2005 Posts: 240	Re: Hi I am feeling old and poor Can you find a different way of living that will be more fulfilling and less stressful on the bod? Probably. Try taking a few days off, decompressing, and then come back to the problem. I get 9 days off for Christmas that should help. I actually like stress, mental not physical. The job I have is easy and if it last until I am 65 I am fine with it. I am only behind on filing and I hate filing and my leg hurts so I am upset with my job. I am doing accounting now, I have a degree in accounting but doing a really easy job that doesn't pay much. Another problem is my boyfriend, he needs to work at least 4 more years to get a pension so if I moved he wouldn't want to go. We have been together almost 20 years and I am planning to keep him around another 20, but not marry him ever. He wouldn't want to live in another country, neither would I, my mom and grandma are here as well as younger family. Mom is 79 and her mom is 98 so they like us kids to stay near to help them out. I am going to lunch with mom Saturday.

12-22-2005, 05:19 PM	#4
Lazarus Recycles dryer sheets Join Date: May 2005 Posts: 397	Re: Hi I am feeling old and poor How much are you spending a year to live? Don't count what you are saving. __________________ My Dog eats dryer sheets.

12-22-2005, 05:56 PM	#5
Sheryl Thinks s/he gets paid by the post Join Date: Apr 2004 Posts: 1,461	Re: Hi I am feeling old and poor I guess the boyfriend part kind of rules out what I was thinking. But anyway: Depending on what it's worth, could you sell the house, move to a lower cost area and buy a smaller less expensive house or condo outright? Invest the extra equity money toward retirement, and then when you reach age 65 get a reverse mortgage on the paid-up house to help with retirement costs?

12-22-2005, 06:09 PM	#7
haha Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Apr 2003 Location: Seattle Posts: 7,550	Re: Hi I am feeling old and poor Does anyone else think this could be a gag? If not, I apologize to the OP for thinking it. Ha __________________ Come along and be my party Doll, Come along and be my party Doll...

12-23-2005, 04:38 AM	#12
WhodaThunkit Guest Posts: n/a	Re: Hi I am feeling old and poor OW -- the best book for you to read may be Fred Brock's "Retire on less than you think." I believe that you might find it helpful in your situation.

12-23-2005, 06:20 AM	#13
chris2008 Recycles dryer sheets Join Date: Apr 2005 Posts: 198	Re: Hi I am feeling old and poor Hello, You may find www.slnet.com helpful, too. There are lots of ideas for people who want to live on less and save for retirement or other goals. I would track expenses in detail for some time to identify some areas where I could save to invest. Also, as accountant you might get qualified to to some kind of tax work when your job really goes away. You might build up knowledge on this already now. "Get a life" by Ralph Warner might be good read for you, too. His point: "you do not need a million to retire well".

12-23-2005, 06:29 AM	#14
Martha Moderator Join Date: Feb 2004 Location: minnesota Posts: 8,829	Re: Hi I am feeling old and poor What state do you live in? Depending on your state there might be reasonable cost options for the medical. See, www.healthinsuranceinfo.net for health insurance guides to your state. Do you know how much your COBRA premium will be when you leave work? COBRA will cover you for 18 months after you leave the job. The health insurance game has a lot of pitfalls. Don't let a period of time pass by where you are uninsured. It will likely be much easier to get insurance when coming off your group plan at work, because under federal law you can force insurance companies to sell you a policy if you are losing "credible coverage" under a group plan. The issue then becomes one of cost. That is why it matters where you live. __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.

12-23-2005, 07:23 AM	#15
wildcat Thinks s/he gets paid by the post Join Date: Feb 2005 Posts: 1,870	Re: Hi I am feeling old and poor If it makes you feel any better I am young and poor. I hope things work out for you but you have to change something if you want different results. __________________ "These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"

12-23-2005, 07:59 AM	#17
Martha Moderator Join Date: Feb 2004 Location: minnesota Posts: 8,829	Re: Hi I am feeling old and poor Hey guys, I think the OP is as real as any of you. There are days I feel like an old woman too. But, Old Woman, if you are going to post here frequently you might want to change your name. It is very hard to call you OldWoman, I feel like I am talking to my grandma. O'Woman, enjoy your days off, get more facts on health insurance, and try to figure out how much income you likely will need in retirement. And enjoy life in the interim. __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.

12-23-2005, 04:49 PM	#19
old woman Recycles dryer sheets Join Date: Dec 2005 Posts: 240	Re: Hi I am feeling old and poor I would track expenses in detail for some time to identify some areas where I could save to invest. Also, as accountant you might get qualified to to some kind of tax work when your job really goes away. You might build up knowledge on this already now. I have my expenses tracked in detail, I just rounded. For example I wrote utilities 4,000 but they average 366. This is my last month to have cable tv so that will go down about $40. My property taxes are 1957 every 6 months but I just rounded to 4,000. Mortgage interest is adjustable at 6.25% now on 72,000 but it was less before the last month or two 355 this month. I do know exactly were my money goes or I couldn't save 25K in retirement funds a year and pay down the mortgage. I could start a tax practice, I did taxes for about 18 years and was a CPA for a while as well as a tax analyst for a software company. I do 3 returns a year now but if I took a review class and advertized I could get more work. If I were to do that I would want to get 80 hours continuing Ed to be a CPA again so I could charge more. My current job is very easy and no stress at all but doesn't pay much. I did enjoy the pace at software companies, I did software support 11 years, constant stress, 24/7 emergency support, whole companies waiting for you to fix the software problems so they could work. I did apply for a job like that again this fall but didn't get it. Maybe I am just bored and not challlenged and should pretend I am 10 years younger and go start new things. I guess I would need a new name like middle aged woman.