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Reply #19: I can answer from what my husband and I did. [View All]

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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-08 05:21 PM
Response to Reply #10
19. I can answer from what my husband and I did.
We saved in IRAs from our wages. We could only save $2,000 a year each. We put it into CD's There were some good years that the CD's paid good interest so principle built up. When we retired, we bought a trailer, our only big expense. We were renters so we never had a windfall from selling our home like many retirees. Even after we retired, we worked in exchange for hook-ups and rent in various camp grounds, both public and private. We only took income from the money we had saved. When my husband fell sick, we incurred thousands of dollars in health care because his private Social Security HMO wouldn't pay for anything because I couldn't phone them to get approval for an emergency when we were up in the woods on the Canadian border on a job incidentally. There was no cell phone service up there then. So we had to pay out helicopter med vac, emergency room, hospitalization, doctors, tests, MRIs and rehab out of pocket. I then learned my lesson as to what scum these privatized Medicare plans are. I switched to traditional Medicare after that. So that considerably lessened our nest egg. During the Clinton years, the interest on savings that we depended on for extra income kept going down thanks to Greenspan so we had to switch to riskier mutual funds that paid more income because by now we were having to pay rent.

Of course now with the stock market down where it is whatever I have left is a fraction of what we started out with. I wish I had known, I would have spent it on frivolities. I think the number of cruises, SPAs and vacations that I could have spent on what is gone all the while I sat up here in my trailer pinching pennies so I wouldn't spend what should have been the kid's inheritance.
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