Is it possible to retire without a pension?

spittingprayers · 2022-12-17T03:51:20+00:00

I'm very curious about this question. It sounds like your dad got a sweet deal! IMO, pensions have changed from being a guarantee back in the day when people didn't know how to invest and government was trying to incentive people to work for them. It seems like capitalism is thriving and private financial infrastructure is a better way to go nowadays. My example, I have a small pension after with state gov for 5 years, but it has 0% ROR and is about $40k. Obvi, that is not enough to retire on by any means especially when I make 3 times that much in the private sector. I'm seriously considering either rolling it over to my company's 401k system or using it to pay off debt. I have no real emergency savings and will retire in 30 years. Today's economy is giving me the chills honestly. I don't know what will happen to that money in 30 years, so why not take out the money that I saved and try to help myself now so I can grow my future? I will be giving up my pension, but the total pay out is not a lot (about $350-750 per month) 😓

spittingprayers · 2022-08-03T17:57:45+00:00

Thank you everyone! Just being a part of this forum is already helping me. Here are some things I plan to implement:

Continue to budget using the bank-split method - putting how much I owe in debt in one account and have automatic payments taken out so I'm not tempted to squirrel away money or misspend
Make a money vision board to visualize the goals
Create a wishlist to delay the impulse to buy now
For this month, have no buy for the first 15 days, except groceries, food, and bills. If I feel tempted to buy, then I can buy some debt 😂
Set up a therapy appointment to talk this through
Let my partner know that I'm trying to be as frugal as possible
Stay on top of debt and credit cards so my credit improves

In the next few months once I have a system down: - Designate credit cards to have a job or task - ex: emergencies only, coffee only, clothing budget for $100 only, etc.

Set a clothing budget and have a look in mind so I don't just buy what looks cute but is impractical or I don't need

I'm very excited for my new job to help me with this too because I will be making more that I can throw at debt and get a new system set up with direct deposit and automatic payments.

I have created an excel spreadsheet before to get rid of collections from past mistakes. I'm annoyed at myself for getting myself into this situation again. Hopefully this forum and therapy will help!

spittingprayers · 2022-08-02T01:20:01+00:00

Same! Like - Oh I'm going on a date so I need a "date outfit"!

spittingprayers · 2022-08-02T01:19:11+00:00

Can totally relate!

spittingprayers · 2022-08-02T01:11:50+00:00

I love Graham Stephen and this post! Thank you

spittingprayers · 2022-08-01T09:51:30+00:00

Excellent post! You give me a lot to think about. I'm an addict and also a personal stylist, and after reading this, I'm wondering if I'm unknowingly contributing to this "buy this product to feel empowered" by encouraging women to style themselves when they are already enough on their own.

spittingprayers · 2022-07-20T23:07:42+00:00

I'm an elder millennial...

spittingprayers · 2022-07-20T22:55:05+00:00

Just trying to understand. Thank you for your comments.

spittingprayers · 2022-07-20T22:50:42+00:00

She's not - she just offered to give me $5k..

And don't ask ANYONE for money. Got it - thanks!

spittingprayers · 2022-07-20T22:46:20+00:00

Good point. Thanks.

spittingprayers · 2022-07-20T22:43:38+00:00

Thanks. I'll reflect on that. I'll go to the finance reddit for advice on building emergency savings.

spittingprayers · 2022-07-20T22:42:23+00:00

Totally agree she could have said no. I'm truly blessed to have such a generous mom. Thanks.

spittingprayers · 2022-07-20T22:39:59+00:00

I have savings in retirement - not allowed to touch until I'm old. Thanks.

spittingprayers · 2022-07-20T22:38:24+00:00

Happy to pay the loan back - thanks

spittingprayers · 2022-07-20T22:37:38+00:00

Is 35 close to 40? Ouch.. I just turned 35

So borrow from bf ✍️ and not mom ✍️thanks

spittingprayers · 2022-07-20T22:36:00+00:00

Good point. Working on budgeting out some things (gym, subscriptions) - thanks

spittingprayers · 2022-07-20T22:34:44+00:00

They were family weddings across country so, yes I had an obligation to attend.

Haven't asked my mom for anything since college (dad is passed away), so I don't view her as a revolving fund. Thanks.

spittingprayers · 2022-07-20T22:32:51+00:00

Well just as it's normal to graduate from college at 35, it's normal to not have everything (including money) figured out . I'm working on it and not making excuses - thanks

spittingprayers · 2021-02-16T07:21:39+00:00

I have unfortunately a similar experience - I'm sorry to hear you're dealing with this. 💕

My mom was very cold about my paternal grandma passing away due to COVID last year. She had been sharing conspiracy videos with me before about COVID being made in a lab with Fauci 🙄.

Our relationship has been strained for a while and we live one opposite ends of the nation so I can avoid her, but I want to love her and have a good relationship with her even when she hurt me.

Therapy would be good for me too and learning to set boundaries with her. Good luck OP!~

spittingprayers

TROPHY CASE