PSA: Save early
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Anonymous
No need to be a rude glassbowl. Get over yourself. |
Anonymous
The PP didn't say they didn't want to know. They merely pointed out that you didn't understand the comment and you did not respond accordingly. Reading is fundamental. Move on! |
Anonymous
| PPs - stay on topic please |
Anonymous
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How long have you been laid off? Why are so sure you can't get another job? Assuming you can find one in 6 months to a year, yes you lose retirement contributions but not in a place that is unrecoverable.
Unless you are depleting other savings? Did you get a severance? At 51, you should be able to find something else if you look aggressively, unless you are in a weird niche industry. 51 is not 61. |
Anonymous
| Also, when you do get a new job, do the catch up contributions and contribute the max and then open other retirement savings accounts. Cut expenses to do that if you can. If you are making 6 figures since your 30s, you should be able to cut some stuff. |
Anonymous
Add Day care/preschool costs. |
Anonymous
| Sorry OP for the loss of your job. Apply for a new job in local, state, or federal government - they will take an experienced person. Good luck. |
Anonymous
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We've drilled it into our kid's heads to start saving early and have started them already (they're teens).
DH was let go out of the blue probably 8-9 years ago (don't totally remember) in his late 40's. He took some time to figure out what he really wanted to do and we are now in a much better place both financially and work/life balance. He ended up with a much better position and working late means being home at 7. It's a shock and extremely stressful when it happens but it will eventually work out. |
Anonymous
| I often read the "can I afford private school?" threads and am always surprised they s doesn't come up more. I am saving aggressively in case I get laid off at 50. Until I have enough saved so that I would be ok in that scenario, my kids have to stay in public school. |
Anonymous
| My husband and I disagree over what I consider to be his “over-saving.” OP’s example is exactly the reason why my husband does this. It’s frustrating because I’d like to update our house more than just new paint here and there but it’s out of the question to my anxious husband. I guess it’s better than him being a wasteful spender but something in the middle would be nice. |
Anonymous
| OP, if someone had given you this advice when you were younger (and they probably did), what would have made you listen? There are so many cautionary tales like this, and a large segment just thinks, "that won't happen to me." |
Anonymous
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Not OP, but I really did not start saving until I was in my 40’s (because I got two grad degrees and had student loans for 20 years).
But I was able to get to a decent amount nevertheless. Would you consider a government job? That might come with a pension. |
Anonymous
Or retirement seems a million years in the future |
Anonymous
I don’t think it was intended to be a snarky question. My parents explained the power of compounding to me when I was in my teens and emphasized how $10,000 saved and invested before like age 25 would earn more than saving $10,000 a year every year from age 30. Or something like that. Reality is most people are paycheck to paycheck when they first start out. Deciding to “pay yourself first” is also a hard concept to grasp when you are 20 and are going to be young and in good health forever. |
Anonymous
PSA: The need to start young predates the child-rearing years by at least 5 and by as many as 15 years, depending on when you drop those sprogs. |