Do You Worry About Not Having Enough Money To Retire On?
By Janey1966
@Janey1966 (24170)
Carlisle, England
April 26, 2010 3:33pm CST
We all seem to be working longer hours for less pay these days. My husband is a case in point. He has to work at least 50 hours a week to keep the roof over our heads and to pay the bills. Obviously, me working part-time at the same place will help out (and his Pension is very good) but, personally, I have no extra money AT ALL as, whenever I have saved, eventually I have had to spend it, usually on something big. The money is never in my ISA long enough to accrue lots of interest. In fact there is a big fat zero in there at the moment but I plan to change that very soon.
So, I am one of those people who DO NOT have enough money to retire on. I will get a basic pension from the State but I don't think I shall have anything extra, apart from the times I have worked for various Councils. That money is frozen until I am - I think, 65 but I know it doesn't amount to much.
I really wish I'd put some money away when I was younger but I didn't think about it then. All I wanted was enough to go out with, to buy clothes and shoes and, of course, to pay Board Money to my Mum. I also saved up to buy hi-fi separates..nothing too flash you understand, but I am proud that I have never gone down the Hire Purchase route or taken out loans for such items. I've always saved for them.
So, how about you? Do you worry about your future or is it a case of "live each day as it comes" which is what I have done.
I wouldn't have changed the way I lived my life though. No way! 
4 people like this
22 responses
@lelin1123 (15594)
• Puerto Rico
26 Apr 10
I have worked for 32 years and I feel what will be will be. I have two pensions, and IRA and Social Security hopefully. I'm not going to stop to worry about it now. Its just to late to really do anything about it. I feel if my parents are surviving on their social security and pension then I will too. Like you I wouldn't have changed the way I lived either.
@lelin1123 (15594)
• Puerto Rico
27 Apr 10
IRA is Individual Retirement Account. I had a 401k Account when I was working and when I moved I transferred that money into an IRA account. Hopefully when I am at retiremenet age I will have a little nest egg besides the pension plans and social security.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
Individual Retirement Account...I will try to remember that one in future, thanks so much for letting me know what IRA stands for.
Cheers!
@Janey1966 (24170)
• Carlisle, England
26 Apr 10
Can you tell me what IRA is? Never heard of that one. Is that something unique to the US?
It's the same with my parents. Dad had to give up work earlier than he'd planned but was lucky enough to get a good pay-off as he'd still managed to put in many years before he had to leave through ill-health. He was then fortunate enough to pay off the mortgage which has been a huge help. He was astute enough to do that with his pay-out instead of blowing it all on something extravagant, so I applaud him for that.
Mum is the one that buys stuff for the house, however. Any spare cash she has generally goes on the home, also paying for the Utility bills, which go up year on year. My Dad is only interested in the outside and how that looks. So she is working for as long as possible. She is 63 but has no plans to retire anytime soon. For a few years she wasn't paying enough into her Pension but no-one told her. She has caught up now but feels she has to work beyond the age of 65 for as long as possible to acquire money to be more financially secure.
@RawBill1 (8531)
• Gold Coast, Australia
28 Apr 10
No, not really at this point in my life. I have only twenty something thousand in superannuation, but have benefited out of the housing boom here over the last ten years which has seen the value of my home more than double in price. I also have a business that is worth a bit of money and growing, plus another 25 years or so of work left in me before I retire for good. Perhaps I will never retire full time from work though if I am doing something part time and easy like working online and creating a residual income from investments.
I saved lots when I was younger and then blew the lot having a good time travelling and living easy for a while. I then worked hard again and managed to save up for a house just as the housing boom was taking off. I have not actually physically saved any money in the ten years since then. 
I saved lots when I was younger and then blew the lot having a good time travelling and living easy for a while. I then worked hard again and managed to save up for a house just as the housing boom was taking off. I have not actually physically saved any money in the ten years since then. @RawBill1 (8531)
• Gold Coast, Australia
8 May 10
It is all about timing. A friend of mine in his sixties was panicking about the stock market crash a couple of years ago as his superannuation had taken a big hit. That was his retirement funding. He saw it that he would have to work a few more years now to make up for it, but as I am a lot younger, it did not worry me and the only money that I have in super is the money that my employers have put in. I have never contributed my own money to it, whereas he contributed money to his out of his wage every week.
@Janey1966 (24170)
• Carlisle, England
8 May 10
Oh I see, is that a Pension Fund? Council workers still call it superannuation. I have some that is frozen but it won't amount to a great deal. My Dad was lucky (if you can call it that) as he HAD to take early retirement due to not being able to do the work because of his bad shoulder and back. He got a fair payout as he'd worked for 25 years or something before he had to stop. With this payout he was able to pay off his mortgage, something he'd be struggling to do otherwise. I am proud of him that he did this. He still has money worries as his Pension isn't massive but he does have extra from his work on top of the State Pension, as far as I know so he is better off than many people his age.
He absolutely hates paying the Council Tax...as does my husband because it's like paying another mortgage, you just can't wriggle out of it.
At least you live in a beautiful, sunny country to enjoy your retirement in. Our climate is the pits. I'm sat here with 3 layers of clothing on and it's May! I wish it would warm up, I'm getting a bit fed up of this cold weather.
@Janey1966 (24170)
• Carlisle, England
8 May 10
It's all about timing isn't it my friend? I would never begrudge your success as you have worked for it. Good for you!
@GardenGerty (161858)
• United States
26 Apr 10
I will never have enough money to retire. I have a few hundred dollars, very few, stashed in a couple of places.I may be going to pull them out. I will get Social Security, if it is still around, but I have not worked enough to make it a huge amount. I am hoping, however, to have enough online earning skills that I will be working from the comfort of my own home. I am actually living like I am retired now. I stay home most of the time, and have just a tiny bit of outside work. Hubby already draws his early Social Security, and he still works full time. We do take off when we want to, though.
@Janey1966 (24170)
• Carlisle, England
26 Apr 10
That's a bit like me but, unfortunately (as welcome as it is) online earning..for me at least isn't anywhere near as working part-time. I worked one day at hubby's place last week for 5 hours and earned over £30 for just sitting there doing a really easy job. Yes, it was noisy but if I keep my noise limiters (or whatever they're called) on my head then I can cope with it. £30 just isn't feasible online, not in one day anyway, so I am so pleased that I now have the freedom to do both at present, if that makes sense.
Having said that though, working online has become a lifeline to so many people (like your good self) as it is so difficult to find work "outside the home" plus there's no age discrimination!
1 person likes this
@GardenGerty (161858)
• United States
26 Apr 10
I will always pick up outside stuff. I am waiting on some other work, such as shopping evaluations. There are things that pay, and things that do not, but the stress I was having was a real problem last year at work.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
Tell me about it! I, too, had to stop working at two placed due to stress brought on by the people I actually worked with giving me a hard time constantly. They really messed with my head! The pay wasn't that great either so I reckoned it was better to leave than to put up with that treatment day after day.
Good luck in all your future endeavours.
@sulsisels (1685)
• United States
26 Apr 10
Hi Janey..Yes, I worry all the time about "later". I, too, made lots and lots of money all through my 20's and 30's and part of my 40's and have not a dime of it now. I never thought about retirement or worse, being unable to work as I am now. I traveled, had more clothes than 4 closet could hold, nice jewelry and we did all the things we wanted..eating in nice restaurants a couple of time a week, buying anything we wanted for the house, had 2 horses, you name it. I never planned on my husband dieing at such a young age leaving me with a mortgage I could not swing on my own and a business I knew not a lot about. There was no insurance to speak of as we just didn't think it was that important when we were young. We had some, but not enough, thats for sure..I reently got a thing from the IRS and it shows you what you would get per month right now if you were at collecting age. Do you know what mine was?? 740.00 a month..My rent would take the majority of that and then what? I really dont know what I will do but refuse to dwell on it because it can't be changed. I need a miracle basically!! I just live my life, one day at a time, and take what ever comes my way to the best of my ability. What else can you do? Of course I could always hit the lottery or publishers clearing house or something of that nature and I guess those silly things keep me going..Hey, someone has to win,,it mind as well be me!!!
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
I never knew about your husband, I'm so sorry.We never know what's round the next corner do we? It is worrying but you are doing the right thing (in my opinion) not dwelling on it and just getting on with stuff day to day. I would be the same as you, I am sure in that situation.
As for the Lottery, you are quite right, SOMEONE has to win. Knowing my luck it would be the in-laws...and wouldn't they just love to rub their win into my face! Haha!
We never know what's round the next corner do we? It is worrying but you are doing the right thing (in my opinion) not dwelling on it and just getting on with stuff day to day. I would be the same as you, I am sure in that situation.
As for the Lottery, you are quite right, SOMEONE has to win. Knowing my luck it would be the in-laws...and wouldn't they just love to rub their win into my face! Haha!
@hofferp (4734)
• United States
26 Apr 10
I am retired; I retired in 2006. In addition to a pension, I had $150K in IRAs. Unfortunately, I had $100K of that stolen and the case still isn't resolved. When it is resolved, I may not get anything back, or $10K at the most. I also spent $20K to pay off my HELOC and buy a new heat pump for the house (a rat got in it and started a fire). So the nest egg I was counting on has gone to #$@%&. I think I still can make it, but if it gets really bad, I've already decided to sell the house I built in 2005. The mortgage payments are almost $3K a month, so selling may be my only option (when the market picks up). What I don't plan to do is go back to work. I'm through with the 80 to 120 hour weeks...
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
Thanks for letting me know what a HELOC is. That's two I've learned today...I also know that IRA stands for Individual Retirement Account. Good luck in all you do.
@Janey1966 (24170)
• Carlisle, England
26 Apr 10
I am so sorry that happened to you. What's a HELOC? I hope you don't have to sell your house you've only just built, that would be a heart-wrenching thing to do I'm sure. However, like you said, at least it is an option for you. I wish you luck my friend, I really do.
@hofferp (4734)
• United States
27 Apr 10
A HELOC is a home equity line of credit. It' money you can borrow against the equity you have in your house. So basically I had a loan using my house as collateral. I hope I don't have to sell my house too. I love it, but if it has to go, it has to go.
@moonkerstin (116)
• Philippines
27 Apr 10
have you heard of mutual fund and stock market? do invest in one to gain passive income. refer to the net to gain financial knowledge.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
I take it you have gone down this path? Will you be financially secure because of it or are there risks? Do tell!
@moonkerstin (116)
• Philippines
27 Apr 10
soon. im just saving for a huge amount so that i can start asap. some mutual funds require minimum deposit of $600+.
@mr_pearl (5018)
• India
27 Apr 10
Hiii Janey... This discussion reminds me how I spent my hard earned money on ungrateful people before 3-4 years. I was pretty foolish to spend it all and then was left ruined and broke. Fortunately, my skills didn't die with the ruin and I survived. I have never thought seriously about how it is going to be when i retire. But now, I guess I am going to think seriously about it. Yes, I have to! I am going to get married by the end of this year and I will have to work hard for my family, just as your hubby does! And I will work hard... Thanks for making me think about it earlier... God bless you and your family... Have a great day!
@scarlet_woman (23463)
• United States
8 May 10
all the time.even formerly "safe" savings is on shakey ground.
my brother in law took a HUGE loss on his 401K recently.he's set back quite a bit now
due to it.
i have a feeling by the time i'm 65,social security will be long since bankrupt.
@Janey1966 (24170)
• Carlisle, England
8 May 10
Sorry to hear that. Lots of people lost out recently. I have mixed feelings about it because I didn't have any savings to lose.
@derek_a (10873)
•
27 Apr 10
Yes, I think this is something that many of us worry about especially with the current credit crunch and the way our governernment is saying that the going ahead is going to be rough - no matter what government is in office in May, I think there are going to be cuts. I have put money away over the years, but now interest is so low, that I fear that I am going to end up using it up rather than topping up my pension with some interest. Oh well, I don't think we'll starve in this day and age... hopefully! 
_Derek
_Derek@derek_a (10873)
•
28 Apr 10
I agree, it is not right, but I don't have a choice other than to take my "medicine" and hope that things will improve. I am thankful though that I am not living off credit and people won't be chasing me for money that I don't have. I have always checked my finances before buying anything big and most times have chosen not to buy it because I would be paying back crippling loans. I think I have learned to be content with what I have. Some friend I have think I am crazy not to have the latest gadget or a new car etc. But I got what I need for the moment, and as my Dad used to say, you can only wake up in one bed each morning. _Derek
_Derek@Janey1966 (24170)
• Carlisle, England
27 Apr 10
Hi Derek! It is good that you have put away some money but it is frustrating when that money isn't worth as much now due to the interest being so low. They really should do something about that. People should be rewarded for saving, not penalised. You're no better off than those who live off credit; it's not right is it?
Good luck in your future endavours my friend.
1 person likes this
@laydee (12798)
• Philippines
27 Apr 10
I don't even have money right now yet alone thinking of 'retirement'. It's tough really when you're financially strained and you can't do anything about it. I guess my strategy is just to do what I can to earn then think about the future hopefully better.
@laydee (12798)
• Philippines
28 Apr 10
You do have a point there. The more we think about our 'situation' negatively, the more we are stuck with it and nothing to do about it but if we should try to think positively, I think it would be best because we can come up with solutions faster.
That's great idea and thank you for reminding me to be positive. I needed that.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
I do know exactly what you mean. It can be frustrating not having money. My unemployment meant that I had no money coming in and I was not entitled to benefits either. It is quite disconcerting relying on handouts from Mum and hubby to keep going. This is why ANY little extra income that I have earned is welcome. It doesn't have to be a lot of money. I mean, I made £30 in a day last week at my husband's workplace and it made me feel like I'd won the Lottery. Very special moment and I'd not felt like that for what seemed like an eternity.
One aspect of my personality many people admire is my optimism. It may not be apparent in my postings at times but I do have it in abundance. I refuse to believe that "this is it" and this part-time job I now have is the result of my belief that..one day..all will be well.
Strange way of looking at things I know but it works for me. Think of the ying-yang symbol and you will have an idea what I mean..positives outweighing negatives..that kinda thing.
1 person likes this
@dawnald (85139)
• Shingle Springs, California
28 Apr 10
For people who work for larger companies in the US, we have these retirement accounts called the 401k. We can put money in, pre-tax, and the company matches part of the funds. I have been doing this since my 20's. I also worked for a company for almost 15 years that has a pension. So when I am 55 I can start drawing on the pension. When I'm 57 1/2, I can start withdrawing from the 401k accounts without penalty. I have to be 62 1/2 to start getting partial social security and 66 to get full social security. I think I will be OK, though this divorce may change some things (I may need to pull some funds out of the 401K toward buying a house, but that will be taxed pretty heavily)...
@dawnald (85139)
• Shingle Springs, California
30 Apr 10
Yeah it would affect my finances. I won't have his salary any more and he won't have mine. And yeah, he's not into the idea, but we're definitely divorcing...
@Janey1966 (24170)
• Carlisle, England
30 Apr 10
Thanks very much for your explanation on how all this works Daw, it's much appreciated. So you are definitely divorcing then? I know you have had problems that I don't fully understand with your hubby. I take it a divorce would affect your finances would it? I take it he's not into the idea? Relationships are so complicated, sometimes I wonder why be bother!
1 person likes this
@blue65packer (11826)
• United States
27 Apr 10
I am consistly thinking about retirement. I have around 20 years before retiring but I still worry. At work I have a retirement fund. That is good. I do worry if Social Sercurity will around when I retire! It will probaly run out before the president or Congress fix it! Then there is my savings. I am horrible at saving money! Always have been! I try but sometime comes up and it has to be spent. I once in awhile still get impulsive and spend the little I saved on something I really want. So when I was younger retirememt to me was no worries! People lived off Social Security with no problem and people didn't have retirement funds but had good pensions! Boy have things changed! Hopefully I can retire when I want! I don't want to not to be able not to retire!
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
It's the same here...major shortfalls in Pension Funds that most thought would be safe. It's frightening isn't it not really knowing what's going to happen. I feel sorry for people that have saved for years and now it's worthless. To me, that is worse than not saving at all. I'd feel sick if that ever happened to me. Not likely though because I'm like you; I tend to spend money when I have it. However, I do have an incentive to save. If I want major improvements doing to this house I shall HAVE to save for them. No such thing as Improvement Loans anymore. I have it in my head what wants doing first, so I shall save for that in my ISA. Easier said than done of course but I will save some of my wages; no point putting all of it in the ISA. Not that much of a martyr lol!
@charylady (419)
• Philippines
27 Apr 10
yes, i worry about not having enough money to retire on. i try to save but there always seem to be unforseen expenses that come up. i'm also concerned that the price of so many things keep on increasing that money saved up won't be able to buy much in the future. another worry is how to pay for medical expenses. tho i think i am in relatively good health now, we all know that as we age we will all be more prone to sickness. maybe we should not think so much about retirement and just live and enjoy each day as it comes. worry will just make us grow old prematurely.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
Yes, you are quite right, worrying does make us age quicker, especially if we are prone to frowning! Take it day as it comes; that is a good philosophy. It's no good worrying about the future if you don't know what it will be like until it arrives...if that makes sense.
Good luck to you.
@charylady (419)
• Philippines
28 Apr 10
we can't really know what the future holds for us. we may plan and plan but i believe that if something is not for us then we can't do anything about it. waiting to see what tomorrow will bring makes life more exciting, doesn't it?
@anne25penn (3305)
• Philippines
27 Apr 10
When I retire, I will only have my social security to depend on and I hope that I do get some when I retire. My government is so corrupt that they are saying that the social security is almost bankrupt. That's why I do worry about not having enough money for my retirement.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
I don't think yours is the only country that is corrupt...it's such that some are more obvious than others, you know what I mean?
I do hope you will be OK, I really do.
@reckon21 (3477)
• Philippines
27 Apr 10
It seems you are not alone in your worry my friend. I am one of them who really is afraid what will the future will bring. I should have saved for my retirement and I will certainly do it while I'm still young. I don't want to feel hopeless when my retirement comes and I have no money to pay my bills and other necessities when I am already retired.
But when the tough times like this it's hard to save money because there's not much left to save for rainy days. I am not of a big spender still I have not save enough for my future and it's really hard just thinking about it.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
It is frustrating isn't it, when you want to save but you haven't enough money to do so? I sympathise with you my friend, I really do. I worry more about the younger generation as wages (for years now) seem to have stagnated and the cost of living from day to day has gone up considerably. How long we can carry on without rebelling in some way I don't know! Greece has had enough, that's for sure!
@dvirtualist (399)
• Philippines
27 Apr 10
I do... do worry a lot, I think sometimes it makes me feel depressed. I don't have much to save and I am always thinking about our future, my husband told not too worry too much because we're still young and still have a lot of time. But time flies by too quickly. I don't wanna wake up one day, being in my 60's and still need to work for our living... I worry because we don't have kids to take care of us... I can never get pregnant... not ever!
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
To be honest, we do not have any children. There are a number of reasons for this but I would not worry about it my friend. Children do cost a lot of money to bring up so if you are worried about your finances then count that as a blessing. That may be difficult if you like children but I'm trying to put a positive slant on your situation.
You are right about the time factor though. It does pass by extremely quickly. When a new decade begins it seems to fly faster than the previous ones. When we are young we have no concept of time..not really. Not until we have responsibilities such as a husband or a new home that's when it hits us that..you know...we're not as well off as we thought we were!
Your husband sounds like a very nice man. Mine is the same. He says "don't worry" to me all the time and I try not to.
I wish you BOTH well in the future, I really do.
@pmbhuntress09 (1608)
• United States
27 Apr 10
I figure our home will be payed off in 2012, then it will be just small bills to pay. I can't wait truthfully since to me we can never ever save money around here. When I got the money from my moms passing it was only about $800 cash and we bought things we really needed with it. Including a used gas stove. Since my old one the oven no longer worked on it. It costs way to much money to buy frozen meals, then it does to bake something. Right now I need a new TV, but I don't dare to buy one because maybe my washer or dryer will go, so instead I will live with the volume problem for another 2 more years.
But as for us saving away cash maybe after 2012 we can start doing that. Once the property is paid off. Then we will have an extra $600 a month to spend or to save.
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
The end is in sight my friend and I guess you are counting the days until 2012..I know I would be! We have a similar situation with our TV. It works fine but is very old and I would love a new one as the HD versions are now coming down gradually to make way for 3DTV, something we're not that interested in...so there will be bargains to be had for sure. Unfortunately, by the time we have the money saved no doubt the only telly we could buy is a combination of 3D and HDTV anyway, which would be a swizz wouldn't it?
At least I am working part-time now which is great as I have not had any of my own money for quite some time. I am determined to put some of it aside as I don't want to waste it.
@longtuanzhnag (48)
• China
27 Apr 10
I am one of those people who do not have enough money to retire on. How can I do ?
@Janey1966 (24170)
• Carlisle, England
27 Apr 10
Are you saving...have you any money to save? I have no savings either if it's any consolation.
@Auntiescarf (842)
•
26 Apr 10
Im sort of inbetween, I live every day as it comes, and Im saving to go travelling, however I have also started a private pension, and am opening an isa soon to see what I can save in that. I checked out how much the state pension gives and have decided that it will not be enough for me, when Im at retirement age I dont want to have to worry about money. There are a lot of things I want to do in life, all costing money, and I will do it, however I will also be putting money into this pension along the way, its about £20 coming out of my wage every month, so Im not really going to miss that.
@Janey1966 (24170)
• Carlisle, England
26 Apr 10
I see on your profile that you are only 26 and I reckon you are doing the right thing, thinking about your future and retirement age. The problem with me was; the first major job I had was at a private firm and they never had a Pension Scheme. I looked into paying into one myself but I was told (in the early 1980s) that I wasn't earning enough to pay into it each week! I was devastated to say the least. Eventually I ended up working for the Council and they always have a Pension Scheme, which is now frozen for when I retire. There is a nationwide shortfall for it though so it wouldn't surprise me if the money's all gone by the time I reach 65, knowing my luck!
My hubby has a really good private Pension Scheme that he has been in for years so...the earlier you start my friend the better off you shall be. Well, that's the theory anyway.
Good luck with your savings!
Good luck with your savings!