BoomBoom's thoughts

BoomBoom mentioned in another post about protecting ourselves financially such as, not depending on a man and protecting our IRA's.

I think this should be a very important topic to all of us, married or single and I'd like to hear more of her thoughts on this.

I've been married for 26 years. Everything is in both names.

If you are married please be sure to know equally as much about your fiannces as your spouse.

That's my two cents.

My sister learned this the hard way. Her husband even complained that she knew very little about their finances. When they divorced, he really took her down the river.

We have wills but I never received my copy so I told my husband I wanted a copy and now. So, he brought it home and I've gone over it very closely. Not that I don't trust him, I just want to know everything there is to know. I owe that to myself.

BB thoughts cover more areas too and they should be given equal time. Like the value of 401K's, supplmental health insurance, caregiving expenses for YOU and for anyone you may have to be the caregiver for, etc...etc...

So much of our senior living boils down to money. Sad, isn't it? That's why jigsaw puzzles are so great! Cheap entertainment.

JJ

Then, the next question is...what happens to a woman who has never worked? Let's say her husband walked out on her after insisting she stay at home and she's had no formal training and is in her 40's. What then? How does she get money for her remaining future? What does she fall back on? It is too scary to think about.

In her 40's? That means she was in her 20's in the 1980's. She didn't read the news or watch TV? Did she think it couldn't happen to her? That's what alimony is for if she's lucky enough to get it. WalMart or McDonald's if she isn't. A lady in her 60's I might feel sorry for. Not anyone my own age. They should know better.

I think every mother should be in the know about finances and are foolish if they don't. Then they should teach their daughters that no matter what, no matter how happy you are at this moment in time with this man, always sock something away in a private account. I was taught that and did it all my life and when I was getting divorced and he owned the business I didn't walk away broke or poor. Believe me that pennies, nickels and dollars add up to quite a nestegg after many years go by. JJ is right it all adds up to money once you are old. This is a good topic, one we may all have to face. Now if after 40 yearsor so, you are still with the love of your life and well taken care of, take him on a cruise or a one of a kind vacation, tell him you've been planning it for years....He'll adore you for it.

Unique, I ask because a lot of the women I work with weren't allowed to work outside the home or they'd face the wrath of the abuser. They stayed home and took care of the kids and child support or alimony was a fluke. The guy would quit his job and disappear so he wouldn't have to pay. Or some of them found a job at a fast food place, etc. and the guy would show up and threaten them or stalk them. They had to go into hiding. Don't expect the police to really help because the laws are so screwy on this and some of the women, one that I worked with, got a job and he came to her place of business and shot her three times. So, there are situations that go beyond knowing better.

My oldest daughter has a private checking account for her school. Her husband, who is nice but not very financially sound, took all of her book money and paid bills with it. So, she had to borrow money from me and that's when she opened her own account. She just paid me back in full.

I've taught my daughters to save and my sons too. You never know what life will throw at you or when.

I worked with a woman who ended up cashiering at a drug store and she was well into her 60's. Her husband passed away years before and she had no children. She had no choice but to work standing on her feet all day. It's a shame that the elderly have to live like this.
I guess we all need to prepare ourselves now!

While setting up a nest egg is a very good idea and I am all for it.

Be careful if you are in a community property State where everything is 50/50. If you have your own account you would have to split that 50/50.

Virginia is a community property State and I have a friend that gave me the advise to get someone I trust, in my case my dad, to open an account and for me to transfer the money to this account. She went through a divorce and she is in the financial field as well.

I didn't end up divorced but as much as 2 years ago I was seriously thinking about it.

Cheers,
Cathi

There is much talk about boomers working later than our parents retirement age of 63. Many reasons are given, but here are a few:

-haven't saved enough
-longer life expectancy so we will need more money to live longer
-we are healthier and better able to keep working
-sheer desire to remain active

I think some of the people in our parent's generation retired too young. I'm not sure they realized they may have another 20 years of living left in them. That's a long time to live without a purpose for those whose self esteem was wrapped around their profession. I don't see where many of them have replaced their work with volunteer work, or other passions. I believe the boomers will remain active whether it's through work for pay or volunteering.

This is even more important than we imagine. To see older men sweeping floors in fast food joints and being bossed around by kids young as their grandkids and old women in the casinos cleaning toilets and cow towing to snotty women being treated like they are slaves. Even the so called better jobs are hard on old bones and eyesight and stamina. I have begged my mother to stay home but she is lucky enough to love her office job and they respect and love her there but this is rare in this day and age so take heed ladies, take care. And there is always a way around community property states when its YOUR money you'll find a way. Imagine sharing what you managed to scrape together for years with an ex thats just dumnped you for his cyber #@&* or some younger woman...not a pretty thought....heads up girls.

chatty, your mother is blessed to work in a loving environment. I'm sure that keeps her young and feeling appreciated. Why would she want to remove that from her life?

This, to me anyway, is where family kicks in. Taking care of elderly parents. With the threat of SS being gone and pensions disappearing, what are the retired folks supposed to do? It will be up to us to help them. I worry about those who have nobody to help.

If they are living in poverty, it is difficult for single women with children to provide for their present needs, let alone plan for the future. For many, FICA taxes deducted from the paycheck is the only pension plan they have. If they are on welfare, they do not have even that much and certainly cannot save any money.

Many people work hard for an early retirement so they can enjoy their later years travelling, fulfilling a dream, or just making their own schedule. Then their company goes bankrupt or decides to get rid of the pension plan.

There is the older homemaker without skills or a profession whose husband deserts her or dies.

Nowadays, a lot of people are wary of 401k plans, and one must have a large sum of money to start an IRA. However, if a person could manage to save $1000 to begin an IRA, it would be there when the job or company pension plan disappears. I understand it is better to not invest in the company one works for (as the Enron employees did) but to make low risk diverse investments in 401k plans.

Some are willing and able to work beyond retirement and do so, especially if their jobs are not physically demanding. Experience is a valuable asset.

However, the bodies of folks who do heavy physical work wear out earlier than the retirement age of 67. I believe, like Senator Bill Thomas, that these people should be able to retire earlier with full benefits. They do not usually live as long, anyhow.

I also believe strongly that the seniors who are financially able to retire should do so and let younger workers who need jobs replace them in the workplace. As some one already mentioned, there is a lot of volunteer work available.

Sometimes young people become disabled due to accidents or other circumstances beyond their control. Then there are those unfortunates who have always been mentally or physically disabled and are unable to plan for the future. Thank goodness for government programs and charities which sustain them.

I think that nowadays more young people are aware of retirement plan options than perhaps twenty years ago. Due to the Social Security crisis there is a lot more discussion of retirement plans in the various media which has been educational in nature.

Amen, amen, amen.

What a great topic.

I worry about getting older and not having enough money to live on. I rely on my husband's income while I'm paying my dues as an author (best seller one day soon!). What if something should happen to him? Could I go back into the work force and make enough money to support us? (I used to be a tech writer)

We're both fairly young (I'm in my 40's he's in his 30's) so we have a lot of saving still to do. We have separate IRA's and insurance policies.

The "what if's" could drive a person crazy.