Anyone else here 50 or over with little or no retirement savings?

**Jaded** · 10-02-2007, 06:38 PM

I've been through some rough times, and right now, I have nothing saved toward retirement except the equity in my house. I honestly don't know what I'm going to do about it, because I make so little money, I can't even keep up with my bills. I've thought of selling my house and moving somewhere cheaper, but where is there anywhere cheap in the U.S.?

I'm really discouraged, because I will not possibly be able to retire at 65, and probably not at 70. I don't think my health will let me work for many more years.

Other than marrying into money, which is HIGHLY unlikely, I can't figure out how I will ever be able to retire at all.

**staceyy** · 10-02-2007, 11:42 PM

Well if you have equity in your home, you could get a reverse mortgage if you're 62 or older. Some cities are definitely cheaper than others to live in. But if you're in a low cost area to begin with, this won't help you. I have a relative that just moved into a nice senior citizen's high rise in Richmond, Va. She pays $50 a month which is based on a sliding fee schedule based on her income. She receives social security.

**Judi Dial** · 10-03-2007, 09:18 AM

That's the boat we're in. That's why I'm trying to eliminate our debt before DH can't get a job. Fortunately for us, he's got a set of skills that are used by governments, large businesses, etc. Our plan right now is that I get a job mid November (if I can ) and my paycheck goes straight against the cc debt. If I get a decent job at all, I should be able to pay off our credit card debt in 1 year. Then we can work on stuffing $ away for retirement.

Judi

**Jaded** · 10-03-2007, 07:57 PM

It's really scary. I'm on my own, and I just don't see how I'm going to be able to make it if things keep going the way they are. If the real estate market would pick up, I could sell this house, pay cash for a house in S. Ga., and then stash away some money for the future, but if I'm forced to stay here, I never will be able to, the way taxes and insurance are skyrocketing in Florida.

My dream was to retire in Florida, but I don't see how I will be able to.

**Edna_E** · 10-03-2007, 08:05 PM

Not yet, but will be soon. I don't own my house either. Right now I am hoping to be debt free by the time I am 50, but will not have much in the way of savings. It does get scary, doesn't it? Especially when your health starts getting wierd too!

**Edna_E** · 10-03-2007, 08:07 PM

Hey, things are pretty cheap in rural New Mexico at this time. I think many of the less populated states are that way.

Also, I keep wondering whether some sort of arrangement like the "Golden Girls" TV show is a possibility. What do you think? Could single retirees learn to share space and expenses?

**Jaded** · 10-03-2007, 10:21 PM

I don't think I could live with anyone. I have a 3 BR house, and everyone keeps saying I should get a roommate, but I just don't want one. I'm too set in my ways. I guess if I absolutely had to, I would, but right now I'm not in that position. I'm just waiting for the real estate market to settle, so I can see what I will be able to do with selling and moving.

The only reason I keep my job is that their retirement benefits are AWESOME! 401(k) and a company stock pension fund.

**staceyy** · 10-04-2007, 12:56 PM

Originally Posted by Jaded

It's really scary. I'm on my own, and I just don't see how I'm going to be able to make it if things keep going the way they are. If the real estate market would pick up, I could sell this house, pay cash for a house in S. Ga., and then stash away some money for the future, but if I'm forced to stay here, I never will be able to, the way taxes and insurance are skyrocketing in Florida.

My dream was to retire in Florida, but I don't see how I will be able to.

I'm a former mortgage banker. The real estate market will eventually bounce back just like the stock market does. There's usually a 10 year period when real estate booms and a 10 year period when stocks do the same. When one is down, the other is usually up. I've been through this real estate bust several times in my career. Its generally best to buy during a bust time like this and hold on until the next boom to sell if you're looking for investment appreciation. If you're just looking for a cheaper place to live, you can sell whenever you can find a buyer. Of course now is not the best time but its not impossible. You can always stay at your job for the next ten years and continue to add to your 401k. By that time, the real estate market should have bounced back and you'll probably be in a much better position, as then you'll have additional equity and appreciation in your home, and additional money in your 401k, and you can move to a cheaper area of the country.

**Jaded** · 10-04-2007, 01:20 PM

Thanks for the advice, but I don't know if I can make it for 10 more years. I'm in a position where I won't be able to hold on to my house if I don't do something quick. I'm about to lose it all, and it's all I have. I'm thinking of just selling and getting what I can and going elsewhere and starting completely over. I can transfer with my job. There's a store where I want to move.

**cissylu** · 03-14-2008, 11:20 PM

nope I don`t have much.

**prairiedog** · 03-23-2008, 09:30 AM

Hubby and I live on just his SS check isn't much

**pqb57** · 03-23-2008, 10:24 AM

I have a small pension coming and a small IRA. I am on social security disability, so I am learning how to live with no money.

**M55FF** · 03-23-2008, 11:59 AM

[QUOTE=

My dream was to retire in Florida, but I don't see how I will be able to.[/QUOTE]

you could sell your house, buy a mobile home and live in the one of many mobile home communities in florida.
you will most likely have to keep working but you are young enough to get training or a skill in something you like to do. 50 is not retiremrnt age for most people.
In the future people will be working longer in life, not retiring until age 75 or older...
so you'll meet plenty of people who are in your situation of still working after retirement age ( 65 when medicare kicks in )

Rent on the land for a mobile home isn't as expensive as taxes on a house and the smaller living area means smaller bills.