Yesterday I read about a woman who has an empty nest
Midwest, who made the mistake of investing in an upscale company
Four bedroom house that now has negative equity;
which means she owes more than it’s worth.
Unlike many Californians who are upside down
A hundred thousand, half a million or more, this
desperate lady regrets her extravagance because
She has to sell with a cash loss of $5,000.
I have read this and although my condolences go out to all
People who base their purchases on perception
Real estate prices are only going up, I thought, “Heck, she is
only sweat five thousand dollars?”
But $5,000 is a big part of her retirement
How can that be?
Like my recently retired employer in the
Financial industry that received twelve million
Dollar payout, not everyone has
six-digit and seven-digit pads to fall back on
if their other investments fall through?
In a word: no.
And Social Security, that system that so many are predicting
will fail one day, this agency will not make up for it
When you reach AARP age, 50 years or older, the Social
Security Administration will send you annual forms
Reclaim your accumulated contributions to the Fund.
Based on these numbers, the notification tells you how
You get little if you retire at 62 or later.
It is shocking.
A baby boomer who started paying into Social Security
when he was in his mid-teens and contributing
Every year since then I’ve been able to retire at 62 and get that
Grand total of $986 per month. That might be enough
pay for his utilities and insurance.
How should the rest of the nut be cracked?
The simple answer is: work until you drop.
Investment companies spend millions to advertise them
concept that we should save a lot for retirement,
Start early, and even if we’re late to the game,
we can catch up and still accumulate a nest egg
Simple math suggests this is partially true.
“Save early” is good advice, but catch up
may lead a leisure life on the golf course or
Quilting just doesn’t seem feasible.
The other day I got a power of attorney from the car
Association that wants to increase the compulsory pension
age of the board of directors to 73 and 76 years respectively. My
The first reaction was to dismiss this appeal for me
I’m reconsidering and appreciate the fact that these
Seniors may need the extra income.
In much of the wildly optimistic, goofy New Age
literature, you can still see the once funny saying
On your deathbed, the last words you utter will NOT
“Gosh, I wish I’d spent more time in the office!”
Tell that to the desperate Midwestern homeowner, I
already mentioned, and millions of her
Contemporaries standing in front of the prospect
struggling to stay in or get back into the world
Somehow I feel that I won’t stay in work for long
enough is exactly what many will lament.