Anonymous wrote:

Anonymous wrote:Why didn't you start early OP?

OP probably did save *something* for retirement, but like many Americans, didn't save "aggressively". Reasons for that typically include:

- paying off student loans debt
- needing money to pay for living expenses
- buying a more expensive house in order to live in a better school district
- paying for private school or other kid expenses

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.

Anonymous wrote:

Anonymous wrote:Why didn't you start early OP?

This is not helpful.

OP, so sorry this happened to you. I'm glad you ramped up saving in the last 5 years, and wish you well getting a new job. Def apply for unemployment ASAP.

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 wrote: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."

Or retirement seems a million years in the future

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.

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."

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.

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.

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.

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 wrote:

Anonymous wrote:Why didn't you start early OP?

OP probably did save *something* for retirement, but like many Americans, didn't save "aggressively". Reasons for that typically include:

- paying off student loans debt
- needing money to pay for living expenses
- buying a more expensive house in order to live in a better school district
- paying for private school or other kid expenses

Add Day care/preschool costs.

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.

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.

PPs - stay on topic please

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why didn't you start early OP?

This is not helpful.

OP, so sorry this happened to you. I'm glad you ramped up saving in the last 5 years, and wish you well getting a new job. Def apply for unemployment ASAP.

What an absurd thing to say - of course it's helpful. A cautionary tail is often the best teacher.

NP. The previous poster was telling the person who said "Why didn't you start earlier" that their comment wasn't helpful. Not that the OP's story wasn't helpful.

I still want to know why OP wasn’t able to save. If you don’t, move on.

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 wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why didn't you start early OP?

This is not helpful.

OP, so sorry this happened to you. I'm glad you ramped up saving in the last 5 years, and wish you well getting a new job. Def apply for unemployment ASAP.

What an absurd thing to say - of course it's helpful. A cautionary tail is often the best teacher.

NP. The previous poster was telling the person who said "Why didn't you start earlier" that their comment wasn't helpful. Not that the OP's story wasn't helpful.

I still want to know why OP wasn’t able to save. If you don’t, move on.

No need to be a rude glassbowl. Get over yourself.