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

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?

Answer Question
 
Anonymous

Asked by Anonymous at 9:53 PM on Jan. 10, 2010 in Money & Work

Answers (13)
  • at this point it looks like i will be working until i die
    i just started 401k this week, and i only have $12 per check going to it....(i was embarassed submitting the paperwork but its all i could do)
    i am a single mom trying to make it on my own in the dc area (EXPENSIVE)
    here's hoping i find a dream guy with a better savings going on LOL
    mommymeg03

    Answer by mommymeg03 at 9:55 PM on Jan. 10, 2010

  • My husband is in the military and he will retire out of it so we are set up with the whole pension plan. We also set up the thrift plan so that is our extra back up. When my hubby returns from his deployment I will start my education and become either a parole officer or a social services worker (havnt decided which one yet) My paychecks will go to a retirement fund. That is our plan as of now.
    armywife2009101

    Answer by armywife2009101 at 9:58 PM on Jan. 10, 2010

  • when I turn 40, I'm going on a cruise cuz my kids will be grown and out of my house woo hoo!! anyway...Im a young woman, and I have nooo idea what I'm going to do, but I would definately say..stop limiting yourself! You've already pretty much written down what you think your life is going to be like. Just because you are in this situation, doesn't mean that things cannot and will not change. Why don't you go for a professional license such as life and health insurance or real estate? The commissions can be pretty awesome and you never know, you may have a retirement after all. Where there's a will, there's a way! STOP limiting yourself, get out there and figure things out. Treat this matter like business just another thing on your list of things that you need to do and remember tommorow is never ever promised.
    lowencope

    Answer by lowencope at 9:59 PM on Jan. 10, 2010

  • it is not your childs responsibility to care for you in your old age..nobody should ever think that....it is your job to care for them..thats the only thing you should in your life..and if you cant take care of your kids while they are young..no parent should ever expect the kids to care for them when they age...that is sooo wrong.
    shay1130

    Answer by shay1130 at 10:03 PM on Jan. 10, 2010

  • those were my thoughts...as far as plans go, i'm only 26 and i'm not planning on being old any time soon but i dream of my husband being able to retire by 55 and having our home paid for and our kids having kids. Thats the only dreams i have.
    shay1130

    Answer by shay1130 at 10:08 PM on Jan. 10, 2010

  • I'm hoping to retire off of my work at home business that I just started 3 weeks ago. The potential is definately there, and I don't plan to quit until I get where I want to be in life. This company has literally helped thousands of stay-at-home parents to produce an income to last them a lifetime.
    Here's my website: http://www.workathomeunited.com/thefreelife
    Let me know if you're interested.
    wonderRose

    Answer by wonderRose at 10:21 PM on Jan. 10, 2010

  • i dont plan on living past my sixties. i dont know why, i've always felt like that. since around age 7. so no plans for my seventies. my hubby is military, and will retire when he is 50, with full benefits, so we will have 10 years of bliss together :)
    Anonymous

    Answer by Anonymous at 10:52 PM on Jan. 10, 2010

  • I don't plan past each day. I have no savings. No life insurance. No assets to sell. I have nothing for my children when I die. I feel bad about that. I told them to take my SS check and cremate me when I die and be happy I don't have debts for them to pay! Sad but that's life for me for now.
    Anonymous

    Answer by Anonymous at 11:40 PM on Jan. 10, 2010

  • I plan to work until I die.
    Pnukey

    Answer by Pnukey at 2:02 AM on Jan. 11, 2010

  • I am currently a SAHM, but my husband has a good job. We follow Dave Ramsey and are working on building up our retirement and we live debt free. We are in our mid 30's. My husband will retire by the time he is 65 for sure. We don't count on social security being there, because it WON'T be there when we retire. I feel so sad for my in-laws who are in their 70's now. FIL still works part time. He has his military pension, after spending the better part of his life in the military, it is NOT enough to live off of. Their social security is pretty pathetic too. My FIL has to work bagging groceries so that they can do something besides sit in their recliners in front of the tv. They made a lot of bad financial choices in their lives that put them in a spot where they had no additional savings for retirement, too many new cars and new houses, etc. We don't want to end up like they are.
    slw123

    Answer by slw123 at 9:55 AM on Jan. 11, 2010

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