Just when I was thinking that I was one of the the worst of the late-bloomers (that's what I get for reading all those wonderful blogs out there by twenty-somethings who are already saving up for retirement--not to mention for weddings, homes, and kids), along comes Sarah.
Sarah was profiled on Monday's Dallas News. (Thanks to Boston Gal for pointing me toward Sarah's story.)
Sarah is 57 and has NO retirement savings. Never mind that her employer would match up to 6% of her salary (meaning, she has left substantial dollars on the table every year) or that in addition to her base salary of $58,000, she apparently makes good money from a family oil well lease.
The article is a tad cagey about just what her annual income is, at one time saying that the amount of oil-well income varies, and at another, quoting the financial advisor as saying that her total income is "very respectable." I can't tell if she's making about the same $75,000 a year I make, or not.
One comment that I don't understand is her financial planner's concern that she may wind up in bankruptcy if the oil money goes away--overall, her debt doesn't seem to me to be that substantial. She owes around $26,000. Maybe it's because I owe about $21,000 so her debt doesn't seem so far off from mine. I've never considered bankruptcy, and wouldn't unless I owed far more than I do. (I do realize that Sarah has fewer concerns about assets, which I would have to consider--she doesn't have much equity in her home.)
The article doesn't mention prior marriages, so I'm assuming that Sarah, like myself, has always been single.
What IS she thinking????
Is she planning to inherit from her parents? I know of several people whose retirements are based largely on what they expect to get from their parents' estates.
Sarah says she is an optimist and has always believed it will all work out. I understand this; I think of myself as optimistic as well.
But late as I am to the world of retirement saving or planning, at least I got there before age 58!