Reply to Over 40 and shattered dreams of financial security

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[quote=Anonymous]I am in my mid-50s and my finances have improved significantly since my mid-40s. I worked part-time when my kids were little, so I didn't start working full-time until my late 30s. My career took off after that. My youngest child finished college a couple of years ago and my savings rate has increased significantly since I stopped paying college tuition and I got several promotions/raises. My house will be paid off in another year and I'm contributing the maximum for my age to my retirement accounts each year ($23,000). Once my mortgage is paid off, what was the monthly mortgage payment will go into additional savings. And, my marriage has gotten much better since the kids moved out and we stopped worrying about money.

I'll never be as wealthy as some of the people on this board. I am very happy with my house which would probably sell for $500,000 if I put it on the market today. (A lot of money in some parts of the country but not in the DC area.) I will never be able to buy a decent house in Cleveland Park or Bethesda or McLean, but I don't want that. I am happy knowing that I paid for my kids' education, I will soon have a paid off house, and I should have a secure retirement that may not include flying first class or renting a house in Italy for a month but should enable me to have money for all the necessary expenses plus some extra money for the non-necessities that I want to be part of my retirement.

It helps to live in a "non-fancy" neighborhood. I think it gives a much more realistic basis of comparison for what it means to be financially secure. If we had stretched to buy a house in a fancier neighborhood, not only would we have bigger mortgage payments but we probably would have been embarrassed to drive 10 or 12 year old cars that have a bunch of dings (but are paid for and run fine) or to go out and cut our own lawn. I think the secret to a secure financial future is living below your means and making sure that you are not surrounded by people with lots of money (or lots of debt) who raise unreasonable expectations about how you should live.[/quote]

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