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View Diary: Americans' Retirements Are in Tatters. What Does That Mean? (129 comments)

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  •  My father will be 70 in a couple of months. He (15+ / 0-)

    just paid off the house, which was purchased 11 years ago.  He's very fortunate in that he gets full military retirement benefits as well.  So medicare is first, then tri-care, and if anything is left, him.  He just sold his old house.  Not as much as he would have gotten if he sold 11 years ago when they got the new house.  The old house had been paid off for years prior to that.  He also has a 140 acre tree farm that is paid in full.  With land prices around here, that land is worth nearly 400k, conservatively (we're talking Iowa were farm land is going for as much as 12k an acre).  Then he has his HP 401k and his and mom's IRA's.  He's generally conservative in spending, but when he wants something, price usually doesn't play into it.  We're guessing with real estate and financial packages, he's still worth nearly a million.

    I'm worried about my retirement.  I still owe on my house, around 50% to go.  I do have a 401j (TIAA/CREFF) and Roth IRA's, now a modest defined pension from where I work (along with 401k).  I do have mid 5 figure savings account.  Unfortunately, I already have a chronic condition - bad thyroid.  I have been trying to save as much cash as I can, I'm similar to dad in that I don't really spend a whole lot, homebody, modest tastes, etc.  I have no debt besides the house and pay off the credit card every month.  Projection wise, I'm in a whole lot better shape than the vast majority of Americans, but I can't help but to worry about my future, as it's 20 years before SS will kick in.

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