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Author: idontbelive Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19314  
Subject: No cushion or stocks Date: 4/19/2000 3:09 PM
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Just read the delightful fairytale article on 5yr cushion. What advise to those like me that don't have either? Can anyone suggest something better than below? Thanks.

I am 66 yrs old single female. My house will not be paid up until probably April,2004. Possible SS will be $835. Unfortunately pension (work at a poor place)probably around $255. Don't want to rely on kids.

I just started this year having $50.00 pre-tax dollars taken out each payperiod (tax deffered annuity). As of May, my salary will jump $4,000 (took on additional program responsibilities)and I will probably have most of that taken out also.

I have an appt with SS tomorrow to see if I am entitled to any dollars. Last yr. made $40,000

Again - Thanks.
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3609 of 19314
Subject: Re: No cushion or stocks Date: 4/19/2000 4:25 PM
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Greetings, idontbelieve, and welcome. You wrote:

<<Just read the delightful fairytale article on 5yr cushion. What advise to those like me that don't have either? Can anyone suggest something better than below? Thanks.

I am 66 yrs old single female. My house will not be paid up until probably April,2004. Possible SS will be $835. Unfortunately pension (work at a poor place)probably around $255. Don't want to rely on kids.

I just started this year having $50.00 pre-tax dollars taken out each payperiod (tax deffered annuity). As of May, my salary will jump $4,000 (took on additional program responsibilities)and I will probably have most of that taken out also. >>


Yes, for someone who has reached the age of 66 with no significant savings for retirement the concept of having up to five years' of income not invested in stocks must definitely appear a dream. I truly regret that for whatever reason you now find yourself in that position.

At this stage of your life, you seem to be doing what you can, particularly when it comes to putting away your $4K raise. The more money you have as a fallback, the better off you will be when you finally stop working. Unfortunately, there's not much I can suggest beyond saying it's readily apparent that the bulk of your retirement money will come from Social Security as supplemented by the small pension. Accordingly, you will be living on a very restricted budget, something I'm sure is very apparent to you. You don't have the time available like most younger folks to save substantial sums to provide what you need for a better life, and that's something no one can change for you. Thus, just do the best you can with the limited working years you have remaining. You're obviously on the right track in doing so, so keep it up for as long as you can.

Regards..Pixy


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Author: caddy90 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3622 of 19314
Subject: Re: No cushion or stocks Date: 4/21/2000 2:53 AM
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Pixie, I appreciate your sympathetic response to the original author of "No cushion or stocks", because I am struggling with a similar situation. For reasons I won't bore you with, I had to retire before my 72nd birthday because of ill health with a "nest egg" of $3200. But I'm living rent-free with a combined SS/Pension income of about $19K annually.

I am now just past 73, with my nest egg up over $5K as of close of market today. Needless to say, it was much higher last week. My point, however, is that my goal is to hold long term and hope that I live long enough to pay for my own burial. My investment strategy is to invest as if I were 20, holding fast-moving tech stocks, and hope the market recovers in time for me to reach my goal.

The one thing that gave me a good laugh was the post from someone with 19 years to retirement claiming he (she) won't be able to retire. I sure wish I had awakened 29 years ago and realized retirement was inevitable. I could be one of the rich ones.

The spirit is willing, but the flesh just didn't hold up!~

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3623 of 19314
Subject: Re: No cushion or stocks Date: 4/21/2000 8:49 AM
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Greetings, Caddy90, and welcome. You wrote:

<<For reasons I won't bore you with, I had to retire before my 72nd birthday because of ill health with a "nest egg" of $3200. But I'm living rent-free with a combined SS/Pension income of about $19K annually.

I am now just past 73, with my nest egg up over $5K as of close of market today. Needless to say, it was much higher last week. My point, however, is that my goal is to hold long term and hope that I live long enough to pay for my own burial. My investment strategy is to invest as if I were 20, holding fast-moving tech stocks, and hope the market recovers in time for me to reach my goal.>>


Bravo! I do sympathize with your situation, but admire your goal and your spirit. I think you can get there from here.

<<The one thing that gave me a good laugh was the post from someone with 19 years to retirement claiming he (she) won't be able to retire. I sure wish I had awakened 29 years ago and realized retirement was inevitable. I could be one of the rich ones.>>

Sometimes I'm amazed at those who refuse to recognize how much they can do for themselves. That was an excellent example of seeing a glass as totally empty instead of partially full.

<<The spirit is willing, but the flesh just didn't hold up!~ >>

LOL. In some ways I, too, resemble that remark.

Fool on, Caddy90! You have my best wishes for success.

Regards..Pixy

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