Women finding it harder to afford retirement

[Naomi]

Yes, I do agree that there is a relative small difference between the 15 year & 30 year mortgage. I never had a 30 year mortgage.

After a few bumps in the road, some my fault, a lot out-of-my control (three times is too much for one career ... where are the feds when you need them?...my farms, home and cars are paid for. And, now I have to finish my remaining years of working attempting to generate/save enough cash to last "another lifetime"

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I hope to sell the house and live on that money in a retirement center the last decade or so of my life.

Yes, I have considered that as well. Even our retirement centers are somewhat expensive and if you wish to leave an inheritance for your children you have just spent it! Conversely, at lease your kids don't have to chip in every month. That is a burden which eats into one's income moth in and month out. (:

We have to do all we can to prepare for our future and pray that our Lord returns and it wasn’t necessary.

[Naomi]

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Which is why a TSA is wise. That way you own the TSA and it will be there when you retire. As I said it is wise to try to start a TSA as soon as you start work

TSA, is that "tax saving advantage?" Now I'm showing my ignorance, what is a TSA, is it simular to an IRA or, ???? Oops the name escapes me at the moment.

[CyberGuy]

A TSA stands for Tax Sheltered Annuity. Lets say you put in $100 a month into a TSA. The $100 is not taxed by the federal and state income tax. You do not pay taxes on that until you withdraw that income in your retirement. So if you take out $1000 a month from a TSA in your retirement that is treated like $1000 in income for federal and state taxes. It will not be taxes by soccial security income as you already paid that when you first put in the money.

If you put in the $100 a month you can have the TSA which is held by a company like Valic or some other company invest it in stocks and Bonds or in interest bearing bonds only. In other words that money will be growing by about 10 percent a year on average if you invest it in Growth stocks. Sure the stocks go up and down but on average it grows 10 percent a year over a 20 year investment.

[CyberGuy]

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Yes, I have considered that as well. Even our retirement centers are somewhat expensive and if you wish to leave an inheritance for your children you have just spent it! Conversely, at lease your kids don't have to chip in every month. That is a burden which eats into one's income moth in and month out. (:

Well to leave something for the kids would be nice but if you can be independant without being a burden on the kids finances that is also a gift. The way I look at it if there is something left sure I will leave it to the kids if not then no.

A retirement center costs about $2000 a month in our area. All utilities and three hot meals a day is covered in that. A 1500 square foot house in our area goes for $450,000 and will go for $750,000 or more in 20 years when I retire so says the newspapers. That will cover a retirement center for 15 or 20 years.

What one can do is to go to ones Local conference office and set up a living trust at the local association. You can have the conference association manage your estate when you die and give what ever you want go to the church and split it how you want it and then you can specify how much goes to each kid. I have done this. This way one does not have to worry about fights over ones estate by the kids etc. You have already specified how the split of your estate is going to happen.

[Naomi]

Yes, that is the best way.

One thing I discovered when my mother-in-law passed was that it is also important to specify where/how the personal items are to be distributed. Seems everyone has "fond" memories of the same items.

[CyberGuy]

Yes, that is the best way.

One thing I discovered when my mother-in-law passed was that it is also important to specify where/how the personal items are to be distributed. Seems everyone has "fond" memories of the same items.

That is a good point I have not considered. One can specify down to the nitty gritty how the estate is to be split in a living will. I just specified how the money and estate is to be split. One needs to keep that up to date as the need arises.

I guess one needs to sit the kids down and discuss how the other assets are to be split. It is a morbid topic for many but a neccessary one if one wants to find out exactly what is precious to the kids as far as the furniture and other assets are to the kids.

[Naomi]

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It is a morbid topic for many but a neccessary one if one wants to find out exactly what is precious to the kids as far as the furniture and other assets are to the kids.

Yes, it is morbid, but a reality.

I cannot imagine me and my brother ever doing anything other than saying, "No, YOU take it" but if we weren't around who knows how the grandchildren would react.

It needs to all be spelled out.

I have written how I want my funeral services conducted, down to the songs. I know from Daddy's death that family members just don't have the emotional strength to think of all the details and the "right" thing to do.

[CyberGuy]

As far as sentimental value goes I remember a BIG wooden rocking chair my grandfather had. I wanted that chair more than anything yet it was my brother who got it. SHOOOT. Anyway no one know I felt that way because I never expressed it and no one asked. So it is important for people to sit down and discuss those points no matter how morbid some may thing it is.