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Worried about retirement....will I be broke?

Worried about retirement....will I be broke?

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by: ckh5941 Active Indicator LED Icon  OP 
~ 11 years ago   Jul 9, '12 9:57am  
I don't want to give out all of my personal information here, but I am a teacher (single), just a few years away from retirement. As you may know, a teacher retirement only pays 50-60%, at best, of the average of your top 5 yearly salaries. Sadly, I have not saved any extra for retirement. I have a car note and 25 years left on a pretty good size mortgage. I don't think I can stand to be in education more than the four years I have left, although I would do much better if I did hang in there a while. Should I seek financial counseling? I don't have a lot of money to spend on one. I have thought of getting a second career since I will be under 60 when I retire. I have just been thinking about this a lot lately. Any insight and advice would be so appreciated.
CKH 4951
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fcabanski Active Indicator LED Icon 16
~ 11 years ago   Jul 9, '12 10:42am  
Nobody here can tell you what to do.  Make a budget to determine if your pension plus social security can cover your expenses. 4951
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N+T Active Indicator LED Icon 14
~ 11 years ago   Jul 9, '12 10:46am  
get some professional advice 4951
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nycoil Active Indicator LED Icon 18
~ 11 years ago   Jul 9, '12 10:48am  
if you have not paid into SS for a huge (the number of quarters escapes me at the moment) you will not be able to receive any SS......Teacher Retirement is all you get.... 4951
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ckh5941 Active Indicator LED Icon  OP 
~ 11 years ago   Jul 9, '12 11:09am  
Right, I won't get social security. I am wanting advice on saving into a Roth Ira, or mutual funds, or just what. I have no idea about these things. Who could I consult?
4951
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magnoliamam Active Indicator LED Icon 7
~ 11 years ago   Jul 9, '12 11:12am  
some people have been forced into early retirement for various reasons - it is difficult to learn to live on much less but it can be done.  Now, having two big debts makes it even more difficult - you may have to get rid of that car payment and buy something used and paid for.  Holding on to your home is probably as inexpensive as any apartment rent would be, that's what I've decided.  Having been one who this has happened to, I realize now that I spent a lot of money on useless and extravagant stuff every day I worked, and now I cannot and don't miss any of it.  It's all about making tough decisions.  In this employment environment, you better hold on to your work as long as you can - just my opinion......things like medical insurance become your top priority if you do not.....Good luck to you 4951
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nycoil Active Indicator LED Icon 18
~ 11 years ago   Jul 9, '12 11:15am  
find a Dave Ramsey program....there are several offered in the Kingwood Area....one of the BEST money programs out there........ 4951
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Retired_Engineer Active Indicator LED Icon 13
~ 11 years ago   Jul 9, '12 11:24am  
I don't want to give out all of my personal information here, but I am a teacher (single), just a few years away from retirement. As you may know, a teacher retirement only pays 50-60%, at best, of the average of your top 5 yearly salaries. Sadly, I have not saved any extra for retirement. I have a car note and 25 years left on a pretty good size mortgage. I don't think I can stand to be in education more than the four years I have left, although I would do much better if I did hang in there a while. Should I seek financial counseling? I don't have a lot of money to spend on one. I have thought of getting a second career since I will be under 60 when I retire. I have just been thinking about this a lot lately. Any insight and advice would be so appreciated.
CKH
 
@ckh5941: Sadly, it's a little late to be planning for retirement now.  Your statement "I have not saved any extra for retirement" simply means that you will have to live on the 50-60% retirement pay.  You need to work out a budget and see if you can live on that 50-60% pay.  If you can't trim your budget to fit within that income, I don't see how you can retire in a few years.  Since working longer will increase your 50-60% retirement pay, you may have to work until either your budget decreases and/or your pay increases.  It is truly unfortunate that so many people fail to plan for retirement until they are a few years away.   Good luck to you.
4951
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BooBear Active Indicator LED Icon 16
~ 11 years ago   Jul 9, '12 11:28am  
Is it possible to downgrade your home.  You say you have 25 years left so selling now and getting into a smaller 10 yr mortgage may help. 4951
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lainerigs Active Indicator LED Icon
~ 11 years ago   Jul 9, '12 11:33am  
I second the Dave Ramsey idea. They will help you create a budget, live in your means, etc.
You might not like what they have to say! but it will help...
 
Is there something that you are good at - that someone else may be willing to pay you for a service? Sewing? Something like that? You could offer personal sewing lessons? or organizing, or cooking casseroles for people? Think of what you are good at and sell yourself doing that on the side for now? Maybe it will turn into something you can live off off later.
 
I also think moving into a more affordable home would be a good move. But I understand if you have memories at that home, or something else that is keeping you there... that would be hard!
 
Good luck!YOU CAN DO IT!! It's not impossible!!
 
  4951
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N+T Active Indicator LED Icon 14
~ 11 years ago   Jul 9, '12 11:37am  
Dave Ramsey is good but get some professional retirement planning as well.Also, live on your retirement amount now.  See what it is like, even for a month before you deside to leave your job in a few years.   the grass always seems greener on the other side, but it is not always the case.Smaller house, shorter mortgage, used car with little to no car not.  Get some professional help.   4951
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ckh5941 Active Indicator LED Icon  OP 
~ 11 years ago   Jul 9, '12 11:54am  
Thank you all for your advice. I am making extra payments on the car and extra on the principal on the house. I am definitely looking into the Dave Ramsey program.
I have a problem with the car....I owe more than it's worth, so.....I am trying to stay positive and formulate a plan. I may do some tutoring on the side to help pay down my car.
And yes, of course I can work longer if I have to.
Thanks so much for your comments.
4951
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mm4731 Active Indicator LED Icon 13
~ 11 years ago   Jul 9, '12 12:00pm  
[ Removed By Request. ] 4951
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nycoil Active Indicator LED Icon 18
~ 11 years ago   Jul 9, '12 12:01pm  
Dave Ramsey is a game changer.....listen to his radio program.  I believe it is on in the afternoons from 2 till 4 on 700 am/KSEV.... 4951
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ckh5941 Active Indicator LED Icon  OP 
~ 11 years ago   Jul 9, '12 12:08pm  
Mm4731....so you recommend IRAs? Any particular type? Can I just do this through my bank or credit union? 4951
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Retired_Engineer Active Indicator LED Icon 13
~ 11 years ago   Jul 9, '12 12:09pm  
@ckh5941:   I hope I didn't sound too harsh in my previous post.  I find it incredible that so many people don't think about retirement until they can see the light at the end of the tunnel.  My son will start his first teaching job next month and I have already advised him to start a payroll-deduction plan that automatically puts money into savings every month (or into the teachers equivalent of a 401k program).  Then, each time he gets a raise, increase the amount put into savings.  If you never see that money in your take-home pay, you'll never really miss it.Since you've still got around four years, there is some time left to improve your situation.  It won't be easy, but if you don't work on it now, you will be forced into things you don't like when you retire.People need to think ahead.  I was fortunate to have done this.  I had planned to work until both my children were finished with college and my mortgage was paid off, but health problems forced me to retire early.  Again, good luck to you! 4951
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