dazed and confused in mn

[jeffd]

hi i have been reading this site for a couple days and just joined up.
iam 54 divorced and way behind the curve as far as financials go and sure could use some advice and/or encouragement!

i have been a blue collar worker my whole life and currently layed off
since first of the year.really wish i never had to go back to work,just getting tired i guess.

financials
80,000 ira
18,000 roth
13,000 401k
32,000 central pension fund (cant contribute and gains no value) may not even be there when time comes

70,000 mort.(890.00)month aporox.11 yrs. to go
15,000 heloc
5000.00 c card

any hope for retirement while i am still alive?

 

[plex]

Not sure without knowing what your total yearly expenses usually are, and about how much you are eligible for for Social Security. As a wild guess, as long as you find employment, you can probably retire somewhere in the 63-65 range.

 

[travelover]

Welcome jeffd. As a general rule you can spend about 4% of your investments every year and not run out of money. If your get your pension, that is about $5700 a year plus your social security. (You should get a yearly mailing of what you can expect that to be.) How does that compare to your expected yearly expenses in retirement?

 

[JBmadera]

Welcome and there is always hope! tons of great info here: ways to attack the investment/savings fronts and the expense/life-style fronts.

glad you are here.

 

[militaryman]

Since you do not mention Healthcare I would say it is looking like medicare age when you can retire (65)

By then your house will be paid off -- hopefully you will rid yourself of all other debt and your SS monthly payout should be higher than at 62....

Get your expenses down to a bare minimum and living at 65 on SS and savings will be much more doable