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I'm looking for reference to start (age 26, husband age 30, no child (don't know if I will be childfree by choice or having a child when I'm ready). I have a financially dependent mother (I posted about story of her in my last thread).


I don't expect a luxurious life when I'm older, but a modest life that is not burdensome for anyone.


Feel free to share your experience or suggestions. Thank you so much!

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Definitely not mooching off my daughters so I can sit on my lazy duff and do nothing at 52.
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As a comment to BarbBrooklyn's response. I worked in a "public sector" job. While the pay was not great the benefits were good. And now, retired my pension does in crease each year while people with Social Security have to wait and see if they will get a Cost of Living increase.
Invest any raise you get or at least a % of it. You are investing in yourself.
Other than "major" purchases like a house and a car if you could not afford to pay it off within a month reconsider the purchase.
Pay off ALL your credit card purchases when the bill comes. The interest rate on carrying a balance is INSANE.
Look into getting Long Term Care Insurance. It will probably be the largest bill you pay each year but a good policy is worth it. But look into them carefully. Getting old is not the problem, getting old and sick is.
And the fact that you are thinking about this now shows you will probably do pretty well for yourself. I started "planning" my retirement when I got my first "real" job.
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lkdrymom Jun 2022
I agree. I work in the public sector for 34 years. In 18 days I will retire at 55. My pension is good but I will probably need a part-time job to get me to Social Security. My husband and I have each other as beneficiaries on our pensions so we will not lose income if one passes. I've been working towards my retirement since I was 21. Never too early to start.

My suggestion is to live below your means and STOP I repeat STOP supporting your mother.
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I retired decades ago.
Number one your own case would be not to spend YOUR funds on your Mother. You are young enough that I assume she is not old. My own daughter is 60 while I am 80. What if she had spent HER money to support ME? If so she would not be retiring in another two years (which is what she will do). Had I spent MY money on my mother, who died in her mid 90s, the I would not have had money to purchase a home, then another, and move up in savings across my life to the point of now being independent, able to care for myself until death, would not have been able to work up from CNA to LVN to RN and a good salary, which I saved like crazy so I could retire at 62. I am now retired for years.
Generationally you save for yourself and to support the children you choose to bring into the world at best, not for your parents, who hopefully saved for themselves, or if not hopefully you can support in some small way while their own savings or the government pick up the rest.
That would be my best advice to someone young. Don't accumulate debt and pay interest to the sum of the cost of a good home throughout your life. Save like crazy; form the habit. Teach your young about money, how to divide it so that they can live, save and give.
Thought politically he is my opposite and is a believer to my non-belief, I would listen to Dave Ramsey, and would recommend his money advice to anyone.
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polarbear Jun 2022
I highly recommend Dave Ramsey too.
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I am like Cwillie and was lucky enough to have parents who were money savvey and left me a nice chunk,, but these days even that is dwindling due to the economy, but my financial advisor tells me I will be OK. I work for a huge hospital and was lucky enough to start then when they still had pensions.. so I will get one when I retire. I will also get SS ( for as long as that lasts.. :( .) I opted into the 403 when they offered it,, and have some insurance policies that can be drawn on or cashed in. I agree with paying things off as soon as you can, and we also drive our cars for longer than the loan ( which we pay off early by "rounding up the payments) In fact sometimes I double the payments when I can. We are updating things in our house to make aging here easier, or so we don;t get that hit when I retire next year. And keep up with your health! My hubs has needed massive dental work for years,, this year I MADE him go,, so I can pay it off in my timeframe! If he had waited any longer we would be paying it all, with no help from the insurance. So don;t let things lapse. I have only one big expense for when I retire,, my bucket list trip to Alaska! For now it's vacays to my friends beach house or our inherited river house.. both cheap and easy. No more overseas for us as retirement approuches.
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Had very financially conservative parents so they left me money. I've worked and saved since I was 16. Save as much as you can and live below your means. Now that I'm retired I have the money I need to live comfortably. My husband was a saver too.
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Kimino; www.bogleheads.com is a great place to start for financial planning.

Live below your means. Save AT least 10% of your income and add any raises to that amount. Avoid lifestyle creep and the idea of " deserving" things.

Consider working in a public sector job with a secure pension.

And tell your mom she's going to have to make her own way.
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If you want my personal experience here it is - I saved and did without in order to create a nest egg and was pretty proud of how much I had put away into my 40's, but by the time I was a decade older I realized my savings were a pittance compared to the cost of living after inflation, especially considering the women in my family tended to live into their 90's and beyond ... if I hadn't been fortunate enough to receive an inheritance I would be working at McD's and living in my car.
My advice is to find a job that maximizes your ability to earn enough to contribute to a pension fund, your are at a good age to begin.
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To live in a modest home I can afford. To stay active, enjoying the great outdoors & my the garden. Stay social, keeping working part-time, involved in community, meals out or in with friends & family. Travel. Money wise: to be self-funded & topped up by Govt pension if needed (& available).
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Your problem is going to be Mom. Hard to save when ur supporting someone else.

Me, I wished I had worked longer and fulltime jobs that I made good money at. I wish I had gone to school for accting. I worked my last 7 years before retirement at 62 at a p/t job. Wish now it had been f/t and I had worked till at least 66, which for me was 100% SS. I wish I had taken advantage of my employers 401ks. I wish my DH had taken advantage of the savings acct at work but...he was putting money into savings bonds.

We have done OK though. Our parents never needed us financially. We raised 2 girls who are independent. Took care of their own and live on their own. We didn't want to be house poor so we bought a fixer upper. We had it paid off by our mid 50s. We kept some our cars for 10 yrs or more. Usually, DH taking the older one and me with the newer one 😊. You can save without depriving yourself. Just don't be impulse buyers. Think before buying any big purchases. TG the newer generation doesn't seem to be collecting. I have collected baskets, houses and dolls. Now ready to get rid of most of them. Other collectors have told me their collections are in the attic. You will never get what you paid for it. When I think of the money my MIL spent on collections and then complained she had no money.
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pamzimmrrt Jun 2022
Oh Joann,, the longerberger baskets and Dept 56 buildings! I can;t give them away! And we got a lovely set of china from my MIL when she passed.. no one even wants them FREE! So they are in a box in my sunroom. At this point like you I just want them GONE ! Did give alot of my DDs china dolls to her BFF for her daughter,, not sure she really wanted them....
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If you really want a realistic plan go to a certified financial planner to make one.
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kimino Jun 2022
Yes! This might consult to financial planner, but I'm currently just curious about others' experience.
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