topic Re: Finances in Community Chat

Finances

catter70 — Fri, 10 Mar 2023 17:34:46 GMT

Is anyone else worried about what th future holds? I keep watching my IRA losing money and the company I retired from after 45 years is losing ground and I worry about what will happen with my pension. I'm too old now to make any of it back. I saved and saved for all this and now it's disappearing.

Re: Finances

KittySoftPaws — Fri, 10 Mar 2023 17:08:55 GMT

One of my biggest fears is outliving my money. My mother almost did. Most people don't think about it until they get much older, but it's a reality. Elder care as you age is super expensive and not covered by ins. So, I put my fear and my faith in God and give it to him, because with my help, he has always provided my needs. On a lighter note, I read this definition of aging- "I'm tired, my back hurts, where did all my money go"? Hope that gives you a laugh. Take life in stride and don't stress too much over things you cannot change. Life is too short. God bless.

Re: Finances

Mom2Dogs — Fri, 10 Mar 2023 17:15:33 GMT

My husband and I are in the same boat...we watch the IRA's going down.

Our financial advisor told us in Feb of this year that it would be a rough year..economic indicators were not good.

We are still working because we can...we are self employed and really enjoy our work. We offer a service to business and industry and the closest business like ours is about 30 miles, not far but the person at the business wants to retire. We feel an obligation to stay open and we will until a piece of equipment gives out or we do....

I feel bad for those that cannot supplement their income.

Re: Finances

AuntG — Fri, 10 Mar 2023 17:16:27 GMT

One thing I've noticed is CD rates of 5%. That's a nice improvement, although it doesn't cover the inflation rate. Investments are never a sure thing, so I reluctantly accept downturns in the market.

Re: Finances

Mom2Dogs — Fri, 10 Mar 2023 17:17:37 GMT

@KittySoftPaws Do you have a financial advisor? Every year, one of the appointments with our financial team goes thru our budget....everything we spend money on and anything in the future like a roof, car, etc.

Each year they let us know what we can take from our investments to live on once we close our business and at what age we run out of money.

Re: Finances

Vivian — Fri, 10 Mar 2023 17:19:38 GMT

In two months my mother will be 101. Her greatest fear was to outlive her money. She is on Hospice now and my brother figures she has about 18-24 months before the money runs out. I used to think I could help her out financially until I had to place my husband in a skilled nursing home. He has advanced Alzheimer's Disease and had a massive stroke last May. I figured out that each month that he's there costs me exactly what my yearly trips to France used to cost me...everything included. My husband and I thought we had a huge nest egg that would allow us to travel the world. I'm not going anywhere except the poor house.

Re: Finances

4kitties — Fri, 10 Mar 2023 17:22:12 GMT

Yes I am.

The Silicon Valley Bank has been seized and the FDIC has been appointed as receiver.

Scary stuff.........

Re: Finances

BluestarFL — Fri, 10 Mar 2023 17:25:39 GMT

Tell me about it! My husband and I are constantly having this conversation. We have his 401K money in an annuity and in three years it has only made money ONCE. Mostly it is Below the original amount we put in - like Way below. I hate looking at the balance. The little bit it has gone up isn't going to provide us much extra income during retirement.

His dad - who is 97 - had an annuity so, in come weird way, he feels he needs to do what his dad did because he holds this man on a pedestal, and he feels he'd be going against his dad if we put this money someplace else.

I don't know the answer to this dilemma, but it keeps me up at night just worrying about it. Husband will fully retire in January 2024 but I'll have to keep working since my full retirement age is different than his. Ugh!

I just bought a CD with some money I had saved for 9 months at a rate of 5.1% with the help of a financial advisor. Hopefully this will help us add a few extra dollars to our retirement budget.

My mother out lived her money. She passed at 88. For the last 2 years of her life my husband and I paid her bills. Trying hard not to be in this same boat. Fingers crossed the future holds better things for everyone.

Re: Finances

ALRATIBA — Fri, 10 Mar 2023 17:33:03 GMT

I'm doing okay ....

I went through a giant 401k loss in 2008 recession, but by the time I retired in 2010, I was able to earn about half of it back.

When I retired - I got out of the market entirely and bought a life annuity with my 401k funds. Guaranteed lifetime income.

My former employer is a multinational corporation and I'm confident it's doing well - my pension looks stable.

My social security is generous - I worked for about 50 years.

I saved for years so that my retirement would be "comfortable."

Re: Finances

gidgetgh — Fri, 10 Mar 2023 20:25:29 GMT

I try not to think about it too much. My 401k money is in an IRA cd, at a pitiful rate. It matures in early May so I hope the cd rates stay up till at least then.

To be honest, I've been really pleased with the huge increase in cd rates lately and have taken full advantage of that.

And I am a huge fan of American Express's online money market which is currently paying 3.5% interest. And, since it's a money market, you are not locked in to a term. I have had that money market for years.

Re: Finances

OKPrincess — Fri, 10 Mar 2023 18:11:56 GMT

We are losing too. There is no way we will ever make up the losses.

We are turning 70 this year and depend on monthly distributions from our IRAs to supplement our social security.

Re: Finances

skatting44 — Fri, 10 Mar 2023 18:13:04 GMT

@4kitties

Bloomberg news says " SVB collapses in biggest failure since 2008 "

"

Founded in 1983, SVB specialized in tech industry banking
Prominent VC firms advised portfolio companies to pull cash

Silicon Valley Bank became the biggest US bank failure in more than a decade, after its long-established customer base of tech startups grew worried and yanked deposits.

The move by California state regulators to take possession of the lender on Friday and appoint the Federal Deposit Insurance Corp. receiver caps a vicious fall for a Silicon Valley stalwart. It’s also the second regional lender to fold this week after Silvergate Capital Corp. announced it was voluntarily liquidating its bank, spurring a selloff in bank stocks and concerns that more firms might be headed for closure. "

Re: Finances

SeaMaiden — Fri, 10 Mar 2023 18:27:51 GMT

@catter70 wrote:
Is anyone else worried about what th future holds? I keep watching my IRA losing money and the company I retired from after 45 years is losing ground and I worry about what will happen with my pension. I'm too old now to make any of it back. I saved and saved for all this and now it's disappearing.

@catter70 If you are retired, your pension should be safe no matter what happens to the company you get it from. Kind of like a bank.

Re: Finances

4kitties — Fri, 10 Mar 2023 18:35:56 GMT

And Credit Suisse is delaying the release of its 2022 annual report..🤷‍♀️🤷‍♀️🤷‍♀️🤷‍♀️🤷‍♀️

Re: Finances

KittySoftPaws — Fri, 10 Mar 2023 18:59:55 GMT

I'm in middle age now and seriously thinking about getting long term health care insurance now. My husband and I have no kids so that helps finacially, and they are never a garantee to help you when you get old so no one should count on that. My husband and I helped his mother for the last 3 years as no one else stepped up (usual story) to get her through Covid and cared for her longer than we promised her. She wouldn't move on and she has the resources. To make matters worse, we've sacrificed a ton for her care and she has treated me horribly. Bad mouths me to her friends, her lawyer, and tries to come between my husband and myself. I know I'm telling one side here, but I can say without any hesitation, I've bent over backwards to treat her with respect and gave her the World. My husband always has my back, and like me, he despises her now. She is a self centered narcissist and has caused so much stress in our marriage. She doesn't care. Now she is going to her own living situation because we told her it's time for us to get on with our lives and her too. No more taking advantage of our good nature. No good deed goes unpunished. I know this was off subject. So, I will never be a burden to anyone, and sad to say, I will never care for a family member again.

Re: Finances

ALRATIBA — Fri, 10 Mar 2023 19:11:47 GMT

@SeaMaiden

My father was retired from a management position at PanAmerican when they went bankrupt. Other family members also worked for the airline.

Perhaps unionized workers got their pensions ... my father lost his. Fortunately my parents had savings and social security.

-------------------------------------

@SeaMaiden wrote:
@catter70 wrote:
Is anyone else worried about what th future holds? I keep watching my IRA losing money and the company I retired from after 45 years is losing ground and I worry about what will happen with my pension. I'm too old now to make any of it back. I saved and saved for all this and now it's disappearing.
@catter70 If you are retired, your pension should be safe no matter what happens to the company you get it from. Kind of like a bank.

Re: Finances

proudlyfromNJ — Fri, 10 Mar 2023 19:28:12 GMT

@ALRATIBA wrote:
@SeaMaiden

My father was retired from a management position at PanAmerican when they went bankrupt. Other family members also worked for the airline.

Perhaps unionized workers got their pensions ... my father lost his. Fortunately my parents had savings and social security.
-------------------------------------
@SeaMaiden wrote:
@catter70 wrote:
Is anyone else worried about what th future holds? I keep watching my IRA losing money and the company I retired from after 45 years is losing ground and I worry about what will happen with my pension. I'm too old now to make any of it back. I saved and saved for all this and now it's disappearing.
@catter70 If you are retired, your pension should be safe no matter what happens to the company you get it from. Kind of like a bank.

@ALRATIBA I also worked for Pan Am for almost twenty years. Actually till they went out of business. We were in a union and barely got a pension as the Teamsters absconded with it.

Re: Finances

meem120 — Fri, 10 Mar 2023 19:43:28 GMT

Worried, me too. We have lost a heck of alot of $$ in the last year. We'll never be able to make it up.

Re: Finances

RollTide2008 — Fri, 10 Mar 2023 19:43:31 GMT

@4kitties wrote:
Yes I am.

The Silicon Valley Bank has been seized and the FDIC has been appointed as receiver.

Scary stuff.........

That's more the nature of SVB and their high risk VC portfolio clients than a symptom of anything that's going on in banking right now.

Re: Finances

RollTide2008 — Fri, 10 Mar 2023 19:46:32 GMT

@proudlyfromNJ wrote:
@ALRATIBA wrote:
@SeaMaiden

My father was retired from a management position at PanAmerican when they went bankrupt. Other family members also worked for the airline.

Perhaps unionized workers got their pensions ... my father lost his. Fortunately my parents had savings and social security.
-------------------------------------
@SeaMaiden wrote:
@catter70 wrote:
Is anyone else worried about what th future holds? I keep watching my IRA losing money and the company I retired from after 45 years is losing ground and I worry about what will happen with my pension. I'm too old now to make any of it back. I saved and saved for all this and now it's disappearing.
@catter70 If you are retired, your pension should be safe no matter what happens to the company you get it from. Kind of like a bank.

@ALRATIBA I also worked for Pan Am for almost twenty years. Actually till they went out of business. We were in a union and barely got a pension as the Teamsters absconded with it.

PanAm went bust 15 years before the Pension Protection Act. There's federal legislation protecting pension benefits now.