Retirement is Not in My Future

After the financial debacle of 2008 I realized that I could not soon retire. One of the reasons that I stopped writing regularly for this blog is that there were some worrying matters to tend to, and I did not want to transfer all my anxiety into my writing. I am not an extravagant person and I have no debts, but when one's retirement nest egg drops by 33%, no amount of thriftiness will make up for such a huge loss. At present, my investments have crept up to 2008 levels, but I no longer trust the system.

I noticed on the university website that Bob is now retired. When we split, I received the house and he retained his retirement savings. He taught for over 20 years, which means that he left with a hefty severance package. He has started a financial business concern and is realizing his dream of piling on money.

I began working full time at 51. You do the math. If I am lucky and can stay healthy, I can retire in ten years at 71. Even then my pension will be no more than $2,300 per month. Add social security benefits and deduct the cost of health care, and I am staring at a significant drop in my income.

I refuse to allow my worry about my financial future to take over my life; but that constant niggling pressure is starting to affect my sleep. If the economy keeps tanking and if I should lose my job, who would hire a 61 year old woman with preexisting medical conditions and give her full benefits? In this day and age, no one.

For the first time I feel trapped in a job.


Anonymous said...

I too, am divorced after 32 years of marriage. My ex was also a teacher and he has retired. I am in California and received 40% of his teacher's retirement. I'm not sure what state you are in but if you did not begin working until later, he should be paying you some kind of support.

solicitor macclesfield said...

You should be recieving some kind of support. It is wise to look into this further

nathalie in avignon said...

I will officially be divorced on October 22nd but my husband and I have been separated 3 years now. I've had time to adjust to life without him. We were married 31 years and I'm 53.

I am in the same situation you are in and yes indeed the future looks grim. I lived a wonderful and quite adventurous life with my husband, traveled a lot, sailed half way around the world etc but this means there are no retirement benefits either for him or I. I have no idea what the future hold for me financially.

Anonymous said...

Hi Vic

please don't stop writing, your last post is from July and I'm worried we won't hear from you any more. Please go on with this blog!

Recently divorcedat50 in Finland

Anonymous said...

I've met my husband at 18,in total 36 years of which 30 married. I had a good career which I stopped in my late 30's to be the primary parent having tried to do the job part-time. I have always been busy volunteering, retraining and starting work once our child started senior school. Last year my husband left - he went to the shops and didn't return for four days - no contact - it was very frightening for me. He returned promising it was his fault not mine and everything (I don't know to this day what) had got too much, he told me he loved me everything will be alright. In the summer he left again after kissing me, telling me he loved me and saying he would see me tonight as I left for work - he hasn't been home to live since. We have had family holidays, meals at home, family time at home, doing small jobs around the house etc - he says he still loves me and wants to make everything alright - seeing a clinical psychologist, who allegdly keeps cancelling. We have just had christmas away together as a family it was different but enjoyable - we shared as always on holidays a bed to sleep in. I haven't heard from him since, neither has our child. He is ignoring phonecalls etc. I am frightened for my future, I have a very small pension from my pre child career, basic state pension because of the reduced stamp and that is it. His income is substantial and at only 55 and because of his job has at least 20 years high income earning possible. If he decides to go self-employed and can show no income I will be poor. My retirement doesn't look as if it will ever happen. I saw us sharing holidays, interests and being together until one of us dies. All gone. Friends try to be positive, I feel brave when I am with them then fall apart when I walk into the house and think 'how can I afford to run this?' Someone said to me he has it made his investment is being looked after without him having to have any of the responsibilities. Friends and family have told me to take positive action to protect myself and for me to get some control as he is controlling everything. What is holding me back? I love him, he is my best friend, I have never been on my own and don't want to be - this is so grossly unfair - it sucks - and the financial side scares me to death.

Ed the California Divorce Attorney said...

I hope you don't let your feelings of worry and concern take over your life. I would definitely suggest that you inquire and research about spousal support, as you should probably be receiving it. I don't know what part of the United States you are in, but I have an article that might be of help to you. Read "California Divorce Alimony" by visiting this link: http://californiadivorceforms.org/california-divorce-alimony/.

I also bookmarked this blog entry on StumbleUpon, Delicious, Digg, Reddit and Google bookmarks, in the hopes that more people will be able to help you and that you will eventually lose your worry and anxiety.

Savvy Sisters said...

Don't Give In, Up or Out: A Woman's Planner for Divorce is the book my sister and I just published. I'd like to talk to you about it.

Savvy Sisters

Utah Divorce said...

Your post is giving me so much knowlege and good information. Don't stop writing this type of post.

BadspellersUntie said...

I have the same fears as you other women. I have always worked part time and never did get a college education. My part time job pays approximately $15,000.00 a year gross pay. My STBX doesn't want to pay any alimony worth living on nor does he want to split his retirement. He is trying to wear me down by not answering my lawyer and not giving his financial disclosure.
I have no retirement plan whatsoever so will definitely be needing his. I just hope I don't go broke paying my lawyer before the STBX settles on a fair price.