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What are your plans for your fifties? Sixties? Seventies???

I am faced with being in my fourties. Unemployed, so currently a stay at home mom. No retirement. Not much social security coming. As my health is declining and we are dealing with family issues, my husband is urging me to stay home. That was NOT our plan financially.

As I sit here and contemplate his mothers issues with little income, low social security, no retirement, no health insurance and a hubby who only makes 1000 a month. She is getting to the age she can no longer work (she babysits) and her hubby will not be able to retire as his health declines...I look at them and do not want that for myself. I do not want my kids to have to worry about if mom and dad can pay their bills. I know it is part of their responsibility, but I want to be proactive and do it myself.
What are your thoughts? Will you share your plans?


Asked by Anonymous at 8:13 AM on Dec. 14, 2009 in Money & Work

This question is closed.
Answers (7)
  • I am a SAHM in my 40's. We plan to be completely debt free including the mortgage in the next 8 years. That, along with a retirement account, annuity accounts & a large amount in savings, not to mention the properties & houses I stand to inherit, is how we plan to live financially into our 80's & 90's (longevity runs in our families). I don't plan on any Social Security being around when I reach retirement age.
    My parents are retired. They lived frugally but comfortably during their working lives (my mom was a SAHM) & they invested very wisely in annuities, retirement account, properties, etc. They paid their mortgage off the month my dad turned 40. They drove used cars, rarely went out, & budgeted every penny. A few months before my dad retired he purchased a brand new truck. Now that he is retired they still live frugally because they don't need more, but they have the security of knowing they won't have to do w/o.

    Answer by michiganmom116 at 10:16 AM on Dec. 14, 2009

  • The number one most important thing you can do is pay off your home. If you can't pay off your home then you won't be able to retire. Number two, plan on living with one of your kids. Once you get too old to mow your own grass it is time to move in with a grown child; take over some of the household and childcare responsiblities and be useful. Nothing is more annoying that an old lady who insists on staying in an empty house watching soap operas and complaining, "When are you going to come see me again." As far as my financial plan see above.

    Answer by Anonymous at 10:34 AM on Dec. 14, 2009

  • I reread my answer and realized that I omitted that my dad paid CASH for that brand new truck so he wouldn't have car payments. He didn't need to buy brand new but he'd saved a bit of money out of each paycheck for 20 years and he treated himself to a brand new vehicle, the only one he'd bought in his lifetime.
    Also, they realized they'd have to pay for my diabetic mom to have health insurance since she isn't eligible for Medicare because she didn't work enough qualifying quarters according to the SS office, so they figured that into their annuity savings and had one account set up specifically so that it's payments would cover her insurance costs.

    Answer by michiganmom116 at 10:54 AM on Dec. 14, 2009

  • I plan to work full time until my mid-sixties; then work part time for as long as I am physically able.

    Answer by rkoloms at 11:07 AM on Dec. 14, 2009

  • I know it is part of their responsibility

    ---------- My mom always thought that it's wasn't my responsibility to take care of her financially that's why she and my dad were savers as much as they could. 

    My husband and I have been doing some serious savings.  It's not my kids responsibility to help us.  If they want to then it's their business but they don't have to.  Not unless we are no longer in our faculties health wise.  As parents we should be responsible for ourselves in planning our lives. 

    I did help my parents as we were financially able to.  I took care of their utilities to make sure they had the comforts of home. But mom was always humble and grateful in letting me do it. 


    Answer by Anonymous at 11:40 AM on Dec. 14, 2009

  • We invest and save. If you know what you're looking for, you can buy a couple houses and rent them out. Thats what I do. That way I can be a stay at home mom, but still make a bunch of money. I can't pull cash out of a bank account every month, but our futures are taken care of.

    Answer by Christina2135 at 2:55 PM on Dec. 14, 2009

  • Like the first poster, we are also working on becoming debt free. Once we're out, we're out. No going back into debt unless it's a life or death situation. And our six month emergency fund doesn't cover it.

    Our master plan is to put enough into retirement that we can life off of the interest that it creates and never touch the principle. We'll invest over the long run so we won't be making the common mistake of buying high and selling low. Not saying we won't check our investments, we're just not going to freak out when they drop one year.

    Anyway getting out of debt is a good start to this- I mean you think about how many payments you are making a month and it adds up quick. Not having that debt will allow you to save and retire with dignity. And sure you might have to depend on your kids to keep up with yard care- but hey, maybe you can pay them for it too?

    Check out Dave Ramsey on CM for more helpful tips :)

    Answer by Anonymous at 3:30 PM on Dec. 14, 2009