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Just curious...do any of you have a retirement fund of some sort? What do you do for health insurance and life insurance? I'm just curious.
I do have a retirement fund through my old job which I am not currently contributing to. My DH has very good family health insurance so I am covered under that. I am very fortunate to not have to worry about health care. He also has retirement funds so we will rely mostly on that when the time comes.
Sunflower402 :
> Just curious...do any of you have a retirement fund of some sort? What do
> you do for health insurance and life insurance? I'm just curious.

I'm not a financial adviser, of course, but I would look into a Roth IRA. There is an income cap on who can contribute (and how much), but it is tax-free when you withdrawal from it (at retirement age). Just met with a financial adviser recently, and I think it is the way to go if you meet the requirements.

That's great that you are thinking about retirement. It's SOOOO important to plan for your financial future. Good luck!
jlburkhardt :
> Sunflower402 :
>> Just curious...do any of you have a retirement fund of some sort? What do
>> you do for health insurance and life insurance? I'm just curious.
>
> I'm not a financial adviser, of course, but I would look into a Roth IRA.
> There is an income cap on who can contribute (and how much), but it is tax-
> free when you withdrawal from it (at retirement age). Just met with a financial
> adviser recently, and I think it is the way to go if you meet the requirements.
>
>
> That's great that you are thinking about retirement. It's SOOOO important
> to plan for your financial future. Good luck!

Wrote a blog on this awhile back. http://www.nsinails.com/blog/2010/08/31/...burkhardt/ Love to have anyone comment on what they are doing for retirement planning. Please visit my blog post and leave a comment.
We're lucky enough that my husband has a 401k from his job and he withholds 21% pre-tax the company matches 3%, but even still, every year I put as much as I can into my own IRA accounts. Not too long ago I combined them all - it was getting messy with them coming due now, then and another after that - into an annuity fund. The years I could afford to I put a little more away into a separate "un-qualified" annuity. These I can start drawing on at 59 1/2 if I need to.

Hubby and I are savers.. well he'd spend every penny we have if I let him run amok Smile But he's been well trained and we now have less than 2 1/2 years until he is 62, we own our retirement house free & clear and a small mortgage on this house.

I think our biggest problem is spending habits, the need/desire to try every new product line that pops up looking for the perfect answer to all our lifting woes.. too many are so deeply attracted to shiny bling and have more glitter bling than they will every use, and still they buy more.

We're "practical". ha I say cheap, my friends in VA say "practical". I dont buy a new purse every season, have never owned and never will by a gucci or other name brand anything. I grocery shop with coupons and try to shop on Mondays now that my grocery store gives 55and older 5% discount. We eat out when its "pasta night" or we have a coupon. I watch prices, from gas to clothes (LOVE Kohls)

Oh and did I mention we owe nothing to anyone except 1/2 the value of our NY home? Trust me we don't make HUGE big bucks here.. he earns a decent living, I make a nice income but we're not going to Paris once a year either.. .

I think if priorities are set and stuck to, anyone can make a decent living and be able to save something for later. It's unfortunate that the "models" of what you need to retire almost always are million dollar based.. we don't have any where near that and THREE financial planners THIS week said we're fine to retire with no worries, and yes we can go to Paris IF we want, but we choose a simpler life, a new camper Smile Thats something we can use over and over, while a Paris trip, um, you get to look at the stuff you bought and the pics forever.. we choose to have tangibles as opposed to disposables.

People need to re-examine their spending habits needs versus wants.. "whats this gonna do for me", will I really use it? do I really HAVE to have it? can I pay cash or charge it and pay that off when the bill comes.. oh yea I am the QUEEN of credit card and bank account points Smile I also totally realize that its hard when you have very little, just starting out, economy is nasty, but little changes can have huge effects long term.

For instance, paying a little extra on the mortgage TO THE PRINCIPAL, especially when the mortgage is new, can hugely effect the big picture of how many years you will be paying and even more so the HUGE INSANE big picture of how much interest you are forking up for the term of the loan. Every raise my husband got, we took 1/2 of what showed up in his paycheck and added that to the extra principal payment. I paid off a 15 year mortgage in 7.5 years Smile The same year his son was done with college.. all that was already being spent, so instead of saying oh goodie we have all this extra money monthly, I made auto deposits into the savings account. When we refinanced this house - 1/2 the value - my repeated statement to the bank guy was, this is how much I will be spending a month, make it happen. Between the now fat savings account and the low mortgage rate we were able to build what we wanted in VA - again a tangible, not a disposable..

Big picture and a "oh sh%&t" plan should always be in your mind. when we started the whole thing with the 2nd house, all my planning was, what if he gets fired, loses his job, one of us gets really sick.. a contingency plan is a must also.

OK I'm done.. we're leaving at 4.30a for the VA house for 12 days, part of that camping at the race in Bristol TN in our 20 yr old camper Smile Yep we went for the big bucks this time and got a camping site with full hookup.. 350$ as opposed to 175$ but hey.. 4 days there, its hot, the fridge dont work, I need electric and a working potty Smile