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Subject:  Bag lady in training? Date:  10/27/2000  1:08 AM
Author:  CaDreamer Number:  25765 of 88011

I have a question which seems to be to be best addressed to this board. If I am wrong, please suggest other boards that might be able to help.
If you have any suggestions or ideas, it would be much appreciated.

I am the proverbial late comer, late to grow Foolish at any rate. Retirement age is fast approaching and I am beginning to have visions of needing to buy my groceries in the cat food aisle.

Facts: Age: 57, female (will probably live to 90!)
Retirement savings: essentially nothing (less than 25,000). I have an IRA and SEP. It looks like I will NOT be able to even add measly 2K to IRA this year.
Income: Self employed and not making much more than I must have to get from month to month.
Other assets: I do have half interest in two pieces of real estate and full interest in another, fair amount of equity in all but not liquid.
Insurance: none--no one depending on me. I do have health insurance of course and a disability policy. Disability cost $400/month.
Spouse: none
Debt: none other than business expenses, mortgage payments. Car paid for, extinguished credit card debt earlier this year.

Now for my question. The only source of $$$$$ I see that I could be packing away for retirement is the money I'm currently spending on the disability policy. My discipline is good, if the money wasn't going there, I WOULD save it.

Should I cancel this disability policy in favor of retirement saving?

Recent physical revealed no problems that would lead to need for quitting work but can't guarantee no auto accidents, freak accidents etc.

Thanks in advance for any advise.

CaDreamer--dreading grocery shopping in the cat food isle.

P.S. I have signed up for the retirement seminar.

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