Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
Hello
I'm writing because I am concerned about retiring. Worked for nine years in charter schools, got laid off in 2008, used my 401k to live for a year and a half. Got married two years ago. My husband and I are in our early 40s starting all over financially. We recently established a trucking company which consumed us in debt. I'm saving a little each week, but it just is not enough to retire on, so that scars me. We are $15,000 in debt with credit cards as well as crazy taxes that just increased on our house. The mortgage went from $1099.00 to 1557.00...I would like to sell, but my husband disagrees. What can I do to possible plan for retirement?
Bright Shinning Light
I'm writing because I am concerned about retiring. Worked for nine years in charter schools, got laid off in 2008, used my 401k to live for a year and a half. Got married two years ago. My husband and I are in our early 40s starting all over financially. We recently established a trucking company which consumed us in debt. I'm saving a little each week, but it just is not enough to retire on, so that scars me. We are $15,000 in debt with credit cards as well as crazy taxes that just increased on our house. The mortgage went from $1099.00 to 1557.00...I would like to sell, but my husband disagrees. What can I do to possible plan for retirement?
Bright Shinning Light
I recommend that you follow the Dave Ramsey plan. He has a solid program that works if it is worked. Sometimes, it takes a lot of willingness to work his program but he has a proven method.
The other program that works exceptionally well if it is worked is Debtors Anonymous. Until you manage your debt you will most likely be unable to save for retirement although savings is good to have.
Dave Ramsey says that the first step is to save up $1,000.00 for an emergency fund. Once you have that in place, then you start your debt snowball.
good luck to you.
Bess
Thanks for your opinion...I've been asking my husband to sell for months, but he feels we have worked so hard to get it and does not see selling. Selling would save us so much money, but I'm stuck unless I find another way of pay off debt.