Thursday, September 18, 2008

I wonder........

If I'll ever be able to retire. A year ago, I was on schedule to hang up my work mouse on December 31, 2014 - at age 66. Then I decided I could probably delay that until 12/31/15 because I love my job and waiting would give me even more social security income.

A year later, although I continue to force feed my 401k, contribute to a Roth IRA and have good investments, I'm almost $40,000 poorer. That's about how much I've lost due to the the Amazing George's financial crisis. I still have a good sized nest egg and lots of equity in my house, but this is playing havoc with all my financial retirement models.

I'm pissed and getting pretty cranky!

Working past 2015 almost seems a certainty right now and that really sucks! I started babysitting at age 10. I had my first paycheck job at 13. I always worked during breaks in high school and I helped put myself through college by working part time the entire time. That means I've been working in one form or another for almost 50 years. and contributing to Social Security for so long the government will simply be returning my principal and interest until I die.

A friend asked my advice on what to do in the current climate - sell, buy, wait? I advised her to just sit it out and wait. It's too late to sell. Buying in such a volatile market doesn't seem prudent. My advice sucks - but it's fairly sound. So I sit and wait and dream of an amazing recovery when Obama takes office and reforms our government.

Barring that, maybe Sarah can teach me how to shoot and dress an elk so I won't starve after I retire in my 80's.


Stephen Parrish said...

Markets will recover, the $40,000 is an unrealized loss.

I still think you should write your memoirs, throw in a few outrageous exaggerations that can't be disproven, and come up with an eye-grabbing title. Splash some nudity on the cover and you'll be rolling in dough.

Travis Erwin said...

If Sarah won't teach you I will.

The Anti-Wife said...

I'll have to have a body double for the cover nude shot - otherwise they'll put the book in the comedy section.

It's nice to know I can count on my friendss :*)!

Erica Orloff said...

Hi Anti-wife:
At the rate I am going, I don't think I'll ever retire. Writing is such an unsteady gig to begin with. And that stock market. UGH!

Demon Hunter said...

Wow. This is definitely something to think about, AW. A co-worker of mine who is 60 said she'll have to work till she dies, and her husband is retired, but works part-time as well. :-)

It's rough. I'm thinking about all of this at the moment. :-)

Maddy said...

Oops I almost snorted! Those are certainly skills that I don't plan to acquire during my own retirement if that day ever comes.
Best wishes

ChrisEldin said...

That is sound advice. My husband does work in this field. He was in Dubai last week. Gets a call from the number 3 guy at Lehman brother. "Know anyone who wants to buy us?" is basically what he said.
It was a fucking fire sale. My husband checked with the few investors he knew who actually could buy Lehman Brothers (doesnt that sound surrreal?)--they said no.
Everyone overseas is skiddish about the American market. The ones with the big money are saying not do anything for at least six months. Now, are they the oracle? I have no clue.

But I tend to have a gut feel that they're right.

Hang tight. Be conservative. Watch Suze Orman. People first. Then money. Then things.

Robin said...

Unfortunately I am a financial dim wit, and I just figure I'll work until I die or I'm demented - whichever comes first. We put money away, but I never check on it. Adam, however, checks every day. Then he loves to regale me with our losses. "Guess how much we lost today, Robin?" I guess misery loves company.

I'm with Stephen - you can't look at these things day to day. It's only the long term picture that counts. Wait to see what happens in the long run. Or run to your computer now, because Adam said there was a freakish upward blip in the stock market this week. Maybe it will cheer you up.

cindy said...

the love is english and he's convinced americans *never* retire. because we can't afford to. i hope he's wrong.