Enough About the Death of Social Security Already!

Every time I turn around, another article, news story, discussion or diatribe about Social Security pops up on the radar.

When a person is my age, and the prospect of Social Security is just around the corner (give or take six years), these articles, news stories, etc. take on new meaning.

And raise new fears.

If we read or listen to TV or surf the internet we all 'know' the Social Security system is a shambles, can't be repaired, and will be lucky to cover MY retirement, never mind that of my kids.

The recent 2012 Report from the Social Security Trustees brought another spate of scare stories.

In the report, the trustees projected that, largely because of changed economic conditions, Social Security would be able to pay full benefits only for 21 years, and 75 percent of the benefits after that assuming no changes were made.

The reaction to the report, and the media storm around it make one question the actual literacy of the press. Somehow, the news stories missed the parts of the report that refer to the shortfall (a shortfall that will exist ONLY if Congress does NOTHING to secure more funds) as "manageable." More than that, many of the news stories talked about Social Security running out of money in the forseeable future. Again, that's NOT what the report says. It says if NOTHING is done, the payouts will be reduced by one-quarter AFTER another two decades. I am not all that great at math, but even I know that three-quarters of a pay-out is not ZERO payout.

The Columbia Journalism Review has a very snarky 'review' of the press coverage.

As dysfunctional as our current congress is, I don't think the members (or their replacements in the next twenty years) are politically suicidal enough to allow Social Security to reduce payments by 25%, much less become bankrupt.

I Can't Explain It. I Just Have to Spend It!

I love my readers, and I especially love it when they comment on some of my dumber statements.

If you've read the comments to my April Update, then you've met Mike. Mike, politely but emphatically, thinks I'm making a mistake spending a lot of money on my sister's birthday gifts when that money could better be spent reducing my considerable debts. My woefully inadequate response is that "I can't explain it, but I do have to do this." Mike's heard that one before and he's not buying it.

Let's get one thing straight: Mike is right and Grace is wrong.

That doesn't mean I'm not going to spend the money on my sister, because I am. But he's right that I shouldn't.

By way of apology, I used to have a much longer lists of things I 'had' to have or money I 'had' to spend. I had to have expanded cable--how else to watch new movies and catch every chapter of "Game of Thrones?" I had to buy books--reading is important when I commute by bus, and then, there's my Kindle Fire that my sister gave me for Christmas. I had to buy coffee and pastries every morning--it set the pace for the rest of my day.

Over time, I have managed to reduce most of these 'have to haves.' The public library solves a lot of the problems. They have DVD's and if I can't get the new movie fast enough through them, there's always Redbox. The library has the whole first season of "Game of Thrones" and it's more fun to watch all the episodes back-to-back, The library even has books for my kindle. Buying coffee beans and bringing coffee to the office has saved me a bundle, and who knew that Toaster Strudel travels just fine in a briefcase, especially when the office kitchen has a toaster? It's not free but it's a lot cheaper than the $4.25 a morning I used to spend.

I find that working around a 'want' is easier for me than giving something up completely.

I used to have an annual pass to my city's art museum. These days, I still see all the exhibits, but I do it the first weekend of each month when I can flash my Bank of America checking account and get in for free.

I still love to eat out, but I've discovered Happy Hour can substitute for dinner and gives me access to the great dishes my foodie city is known for. (Then there are the food carts that are all over this city, including across the street from my office. A fair number of chefs here have started with a food cart.)

My sister is a different kind of problem. I adore her, though it was not always that way. When we were growing up, she was the pretty, popular kid while I was the smart bookworm. She went to MY senior prom while I stayed home and cried. But growing up helps a lot of relationships and it certainly helped ours. She is my best friend even though she lives on the East Coast and I'm here on the West Coast. We have a tradition of extravagant gifts to each other on birthdays and at Christmas. I have definitely cut back on my level of extravagance, but I'm not willing to eliminate it.

And no, I can't really explain it.

But there it is!

April Update

April was a surprisingly good month on the debt-reduction front. I managed to reduce what I owe by $1017.91.

May will probably not be as good because I have property tax payments to make, along with my sister's birthday. As longtime readers know, my baby sister (a retired East Coast banker) always comes through for me financially, so I go all out for her birthday and Christmas presents. Of course, all out for Grace is considerably less than what she spends on me!

On a more depressing front, My Retirement Blog reports that by age 55, 60% of us have saved $100,000 or less for our retirement. I guess I should be glad that I finally hit the $250,000 mark (albeit at age 63, NOT age 55) but since I feel like $400,000 is a more reasonable figure for me to feel comfortable in retirement, I'm not feeling good for myself, and I'm truly appalled for those even less prepared.

Diane Weighs in on Condos v. Houses

Diane Crowley tried to leave a comment on my recent post about Condos v. Houses. It was a great comment but too long for Blogger's comment section.

So--

I'm reprinting it here in full:

Hi Grace,
Boy, do I have a lot to say on this subject. I have owned two houses and two condos. I still have one of each so perhaps this makes me qualified to chime in on the subject of condos.

First and foremost, make sure any condo association you're considering has fully funded reserves. Don't buy in one that's not or you will be facing higher dues and assessments. A high level of foreclosures in the development is a red flag, as people stop paying their condo dues first, which strains the association's budget. Another negative is a high percentage of rentals. Banks don't want to see more than 30% renters. Even if you're paying cash, it's an excellent rule of thumb. Attend a board meeting before you buy. Find out who the management company is and speak with them. Most of these companies manage multiple HOA's and can tell you who the good ones are. Make sure the complex has no signs of deferred maintenance. Walk the complex early in the morning and talk to the people who are out walking their dogs. Get a history of dues and assessments. If there were assessments in the past ten years, find out what they were for.

"The Board" is a group of your neighbors, not some evil empire. Many people complain about "The Board", but refuse to attend a meeting. Don't be one of them. If you buy a condo, plan on attending meetings until you are asked to join the board. If you're not willing to do this, don't buy a condo. Same for the rules. Read them first. If you don't like them or find them onerous, don't buy there. The rules are clearly spelled out before the purchase and shockingly few people bother to read them. They then complain vociferously about "The Board" and "The Rules".

I've been in my present home for nearly eleven years and on the board most of that time. Our meetings are rarely over one hour and everyone works together to lighten the load. We are fairly conservative and frugal. To save money, we have a team of volunteers who deliver our newsletters and anything else that doesn't require a postmark. As a result, we kept our dues at $275 for three years. Last year, we reduced the dues to $260, as our reserves are 100% funded and we had a surplus. The rate will stay the same this year. Our dues include care and feeding of three pools and lush, mature landscaping, so we are getting a lot of bang for our hard-earned bucks. The only assessment was over twenty years ago, due to insufficient reserves. We make sure to keep the reserves fully funded and do not anticipate any assessments in the future. In your discernment process, always ask about assessments. They generally loom on the horizon long before notices go out. Get a copy of and actually read the minutes from at least a year's worth of meetings. If there is an assessment coming, it will be in the minutes.

When I went shopping for my current home, I knew I wanted my own driveway, no speed bumps, and a place that looked the same whether I was home or not. I got all of this and great neighbors to boot. My unit is attached to two others. The dog-walking neighbor places our newspapers on our porches every morning. On trash day, the one who is home when the cans are emptied brings everyone's up from the curb. We watch out for each other in lots of other ways, big and small. Last year, we had a neighborhood food drive and collected over 650 pounds of food for the local food bank.

Here's a story about the value of being on the board: When my first condo board announced that there would be an assessment equivalent to 1.5 month's mortgage to replace the roofs, I asked if it was necessary to replace all six roofs at once. We had them inspected and photographed. It was determined that we could do two buildings per year and avoid the assessment completely.

Obviously, I vote for a condo, but it must be the right one for your needs. It's not hard to find if your goals are clear and you do your homework. One myth I'd like to bust is that of taxes. As a renter, you are still paying taxes indirectly. They are included in your rent. Your landlord is paying them with your money. That's part of why rents always go up, roughly on pace with inflation. If you have a fixed rate mortgage, or none at all, your taxes may increase, but it's generally a much smaller percentage of your total budget.

Whew! That was a long one. It's hard to proofread in the tiny comment box, so I hope I've explained things clearly enough to help you with your decision.

Your blog has helped me in so many ways. I hope I can return the favor.
Kind regards,
Diane

Looking for Cheap Therapy? Become a Blogger

I've added new blogger, Jessie, to my blogroll. She's a forty-something newly-minted real estate agent wondering if her new career is worth continuing. (At least she lives in Texas, cuz given the real estate market everywhere else, the answer would have to be "Are you kidding?")

I like the ambiguous title of her blog, Fumbling At Joy.

In Jessie's welcoming message, she mentions that one reason for opening a blog is that it is cheaper than therapy.

Got that right, and therapy is something I know a whole lot about. Having adopted five daughters as older children over a twenty year period, I practically had therapists on retainer. As I often said about one particularly difficult daughter, the counselor didn't do much for my child, but her therapy was the reason I survived that kid's adolescence.

There are as many reasons for blogging as there are bloggers. Working out one's issues on an anonymous yet public stage seems to me to be a good one.

I started my blog nearly five years ago (Sheesh! Has it really been that long? And I STILL have all this debt?) to keep myself honest as I move financially and emotionally toward retirement. As with the recent post on condos, I tend to do much of my thinking out loud. It helps me sort out what's important, as do the responses, which range from supportive to "You did WHAT??" Most of all, I appreciate hearing what others have done in similar circumstances and how it is working (or not) for them.

Good thing I can blog, since the one thing I cannot currently afford is a good therapist.

Condo v. House

One of the decisions I will need to make someday is whether to keep my house, downsize to a smaller place or move to a condo.

I've pretty much decided to eliminate the middle choice. I like my current home a lot, even though it is old (built in 1929), large, and has too many stairs and too much yard.

Need I say that ranch-style bred moi first fell in love with the house BECAUSE of the stairs and the yard and its age?

I live only ten minutes from city center (20 minutes if I'm traveling by bus).

But I am very attracted to life in the middle of my city--the sheer walkability, the restaurants, the magnificent library, how close the cultural institutions are.

I've never minded apartment life, and I certainly would not mind NOT having to worry about upkeep. I refer to my yardcare as 'Darwinian.' I have the lawn moved and the flower beds weeded, but whatever grows is what survived the rainy season. Nothing is planned, so I'm always as surprised as the next person to see what comes up when.

So, in general terms, I think I'm the ideal condo-dweller.

BUT, I worry a lot about monthly condo fees and how unpredictable they are. Isn't the point of paying off my mortgage prior to retirement, NOT to have more monthly fees? At least with a home, I make a personal decision as to what I want fixed or updated. It's scary to think of a condo board making those decisions for me, possibly at a cost that I could not afford.

Then, too, I wonder if I'm ready or ever will be for the rules and regulations that come with owning a condo. I've never been part of an HOA nor wanted to be. I prefer eccentricity to cookie-cutter houses.

Finally, at some level, I am concerned that condos are seldom good buys--the recession hit their market far harder than the housing market, which was bad enough.

I'm starting to read up on the advantages/disadvantages of condos versus homes See here and here--read the comments as well.

Debt in One's Last Decades

The May issue of Money magazine arrived today. As usual, I devoured it in one sitting.

But that doesn't mean it was without its depressing moments. One of the first articles talks about the increasing debt loads carried by people older than 65. I'd link to the piece, but it's not yet up at the Money site.

Apparently, in the United States, a third of those age 65 or older still have a mortgage--up from 20% in the 1990's. The median amount owed is $56,000.

Worse, seniors owe an average of $10,235 on credit cards.

I will likely be among those with some remaining credit card debt when I turn 65 though I don't plan to retire until I get rid of it.

But my mortgage will be paid by the time I turn 65. The article's statistics are scary and do not describe a group I want to be part of.

Why Grace Didn't Win Mega Millions

The easy answer?

I didn't buy a lottery ticket.

Before anyone starts telling me how smart that was, let me say that I thoroughly intended to buy one but I forgot.

Who knows if that $2 could have solved all of my financial problems--now I'll never find out. At least until the next $100+ million dollar lottery.

I read somewhere (and, of course, can find no reference to it now) that one's chances of winning, while witheringly slim, are somewhat better if the jackpot goes over $100 million. So when it does, and if I remember, I buy ONE ticket.

That's right. I blow $2 on a virtual impossibility.

Donna at Surviving and Thriving knows whereof I write. She even admits to buying a lottery ticket or two or six over the course of a year.

I never win lotteries, not even local ones. When my youngest daughter's school put on a fundraising dinner/auction each year and requested (more like demanded!) that each child sell 10 raffle tickets at $25 a piece, I couldn't bear the thought of hitting up my friends, so I bought all the tickets myself (which seemed fair to me because the raffle funded scholarships, and my daughter was getting a significant reduction in her tuition as a result). Over the course of four years, I had 40 chances to win, and never came close.

But like Donna, I don't think $2 is too much to spend for the chance to dream of winning millions. It's a lovely exercise to mentally spend all of that money on myself, my children, my charities, my world.

In a good year, I've spent, at most, $20 on the lottery. It's money I haven't spent on nail salons, super-fancy coffee drinks, or jewelry. (I have nothing against any of those, they just aren't my particular vices.)

Donna quotes one financial guru as calling the lottery "a tax on people who can't do math."

Yep. That would be Grace. Bad at math. Good at dreaming.

Quarterly Net Worth Going UP!

For once--a good Quarterly Net Worth statement.

I'm now at my highest ever amount--$609,959.24

Not only are my retirement funds getting larger but both my primary residence and my rental have increased equity. Maybe the Pacific Northwest is coming out of its real estate funk? I can only hope so.

This is all particularly good news since things seem to be getting tighter on the day-to-day front. Every month that I think I'll have more money to throw at my debt, something happens.

Why do I think Murphy is sitting on my shoulder with a score pad?

Catching Up

OK, I got some great suggestions for additions to my blogroll. Plus I realized that I've been reading some cool blogs that I hadn't yet put onto my site. For example, LC often comments here. I'd been reading her Retirement Daze for some time when all of a sudden, she had a stroke. Instead of putting her blog on hold, she has been writing her way through her treatment and continued recovery. I'm so sorry the stroke happened to her, but I'm still fascinated by her posts. (Just for the record, there is a serious history of strokes in my family going back three generations on both sides--I should probably be taking notes!)

Also check out I'm Losing It Here, Tessie's Awesome Blog, and Last Third of Our Life.

For those looking for Judy at "Finally Frugal," she is apparently on a temporary hiatus. Why that means she took the blog away with her, I don't know. But she says she will be back shortly, so I'll leave the link up for a bit longer.

March was the month in which I turned 63 though it was something of a non-event. However, I did get a new microwave from my sister, which I've been coveting for awhile but was too cheap to replace the old (but working!) model I've had for more than 10 years.

March was also a good month on the debt front--I paid down $1,694.55. Of course part of it came from my meager $300+ tax refund, but no matter--I love seeing the figures reduce. I now owe $88,142.76 on everything, including my house.

And, in some very good news, my retirement funds recently topped $250,000, which should mean that by the time I retire at age 69, I will have more than $400,000 in my 401(k).

So in spite of the fact that it is storming outside, March is leaving like a financial lamb.

They Went Which-A-Way?

Here's the thing about blogs--I love writing mine, but even more, I love reading the blogs of others. I am offered interesting, if brief and narrow, glimpses into the lives of those very different from myself--people who are younger, richer, older, more settled, well-traveled, less sensible, much smarter, of different genders and races, whatever.

So, I take it badly when writer leaves the blogosphere. I want more!

Sadly, not everyone cares what Grace wants.

Hence--a new clean-up of my Blogroll.

I have trouble believing that Morrison can actually stay away for long, but I have eliminated "All Doors Considered" until she changes her mind.

Julie from "Beside Still Waters" has left for the second time. Too bad. I like the perspective of someone forced into retirement too early who is struggling with the financial consequences.

Karissa from "Keeping It Seriously Simple" has the best reason to stop blogging--she paid off all of her debt, which was the reason she started her blog in the first place. You go, Girl!

"Blogging Away Debt" is here, but with a new blogger, Claire. Her financial situation is different from Beks, but still compelling.

"Living Almost Large" is gone, though its author still comments on various financial blogs. Ditto Dog from "The Dog Ate My Finances."

Master Po from "The Po File" has posted what he says is his final post. He has, however, left his blog up, which I appreciate. I'm curious why other folks don't. Still, unless I hear he's coming back, I'm deleting him from blogroll.

Judy, formerly of "Poor But Happy" got hacked, but is back at a different location with a new name, "Finally Frugal and Happy."

Some bloggers definitely seem to be losing steam. One of the first blogs I found was Jane Dough's "Boston Gal's Open Wallet" but her posts have become increasingly sporadic. Her most recent post was last November. Still that puts her ahead of "Debt Hater", who was all set to get married and hasn't blogged since. Shouldn't the honeymoon be over by now? And what about "Sistah Ant"? She became a lawyer, got married, and found a job. Shouldn't that give her enough to blog about, but her last post was in September.

Neither "M Is For Money" nor "Oh, My Aching Debts" have posted in over six months, so off my list they go.

Hmm--Now I need replacements.

Suggestions, anyone?

Never Too Late To Do What You Always Wanted to Do.

Mother Martina Roy died

I never knew her though friends of mine did.

There were a lot of things important in her life--like her marriage and her four children.

There were things that wentwrong in her life--the marriage didn't work out and one child pre-deceased her.

But here's the part I find the most interesting: her earliest dream-career was to be a nun. Her family was against that, and real life intervened. After her divorce, she was the sole support of all of her children.

Once her children were grown, she took positions as housemother at various fraternities. At age 72, when she decided to once again pursue that dream of becoming a nun, she not only knew how to handle rowdy college boys, but thanks to them, she was up on all the latest technology.

She was the United States' (and maybe the world's) oldest postulant both when she entered the convent at age 72 and when she took her final vows at age 84.

She was in her mid-ninties and had suffered from dementia for the past few years before she recently died. Her last years were spent among the nuns on Shaw Island, WA.

Those that knew her described her as funny, social, physically active, and a true delight.

There's definitely a lesson here--and not just for Catholics.

February Wrap-Up--Back on Track

I finally feel like I can breathe financially.

February is always hard because that's when property taxes and various insurance policies are due.

I not only managed to get everything paid, I did it without incurring more debt. In fact, I once again reduced my debt below $90,000 (including my house)--albeit just below, at $89,837.31. That is a monthly reduction of $996.69, though given the increase in debt in January, the net reduction is $204.69.

My retirement funds hit new highs in February, which also feels good. My general goal is to have at least $400,000 in my retirement 401(K)s when I retire in six years.

So I'm feeling pretty fine right now, and I'm hoping the rest of the year works out as well.

A Story for Valentine's Day

Today is Valentine's Day, and do I have a romantic story for you!

Last Saturday I received a wedding invitation from a college dormmate. The wedding will take place on the east coast in August.

What makes it special is not only do I know both parties, I'm the one who introduced them.

Picture Grace as Cupid.

The introduction took place 38 years ago, and to say that these folks were slow to get with the program is an understatement.

L. lived across the hall in the graduate dormitory.

C. was a cute, bright but very shy law student I'd met in the library.

It just seemed to me that they would be a good couple.

So I introduced them.

They went on a couple of dates but nothing clicked.

OK, so Grace isn't the world's swiftest Cupid.

L. married, had children, then lost her husband three years ago to cancer.

C. married, divorced, and kept working his way up the corporate ladder.

I kept in touch with L. but lost contact with C.

Two years ago, he found me through our alumni association and we renewed our friendship. He casually mentioned L. and asked if I knew what had happened to her. Indeed I did so I passed on her e-mail address.

As they say, the rest is history. And part of that history will be made in August when the two of them finally get married.

I am definitely planning to be there.

Let's see. Am I ready? Wings? Check. Arrows? Check.

Grace/Cupid is now on her game!

City/Small Town/Country

Morrison at "All Doors Considered" has an interesting post about taking a trial run at retirement. But aside from the main points in her post, I was struck by one sentence where she posits that it is better (and certainly less expensive) to live in a small town rather than a big city. In her case, the big city is New York City, and the small town is in Rhode Island.

I agree that it is less expensive to retire to a small town, but you won't see Grace doing that.

Frankly, moving to the largest city in my state 20 years ago is one of the smartest and most soul-satisfying things I've ever done.

I didn't know how it would turn out, so I kept (and still have) my home in the much smaller coastal town where I grew up, reared two of my five children, and worked for 18 years.

I have good memories from that town, but I have better ones from the big city.

More to the point, I have better access to quality healthcare, public transportation (I'm something of a menace when I drive now--I can't imagine that it won't get worse as I get older), an amazing library system, local universities, not to mention great restaurants and an active cultural life. Not all of these things are more costly--I scout out all the freebies, which are more numerous here than they were in my hometown.

I've never quite understood the retirement dream of moving to a small town. A friend of mine did that a couple of years ago. He retired as a university professor (not from my city but from the second-largest city in the state) and moved to the beach. Financially, it was a success--but socially, not so much. He just moved back to his college-town and bought a condo. These days, if he wants to go to the beach, he drives the two hours there and gets a motel.

January 2012 Wrap-Up

1. Moving quickly through the financial update (because I don't want anyone paying too close attention!) my Christmas spending caught up with me. I added $792 to my outstanding indebtedness and am now back up over $90,000. But my promise to myself is that this is the last time I will have to say that. My plan is that every month from here on out will have some kind of a reduction. Let's hope Murphy isn't reading this blog!

2. I cancelled my US Bank credit card. I haven't used it in years so it's no big loss. US Bank apparently felt the same way because they sent me a letter saying that beginning in April, they were going to charge me an annual fee of $39. Hmm--I think NOT! There's never been a fee before and I don't intend to pay one now. When I called them to cancel, the sweet young thang who answered the phone didn't even try to talk me out of it. I guess the financially frugal are not part of US Bank's target consumer base. I'm curious to see if the cancellation will negatively impact my credit rating.

3. The November, 2011 US Housing Report came out. My city showed greater losses in housing values for October/November than almost any other urban area. Oddly, Detroit showed the largest uptick--I'm guessing because there wasn't much further for their values to fall. I occasionally go through the Detroit listings just to see the amazing values to be had in their market. In mine, sellers are holding onto their homes in hopes that prices will raise in the future, leaving foreclosures as the hottest part of our market.

4. January is the month I schedule all my health check-ups. All turned out well. I may not have much money, but at least I have my health. And my health insurance! I cannot stress too much how grateful I am to be fully covered by my employer. If there is one thing I think is wrong in this country (which I love dearly), it is the lack of universal health care. No one, at any income, should have to worry about the cost of taking care of their personal health.

Blogging, Books, Writing and Age

As longtime readers know, in my other other life (you know, the one apart from being mom to five adult kids, working full time and worrying about my finances if and when I ever get to retire) I love to read. Even more than that, I love to write, and I occasionally find a market for my science fiction short stories--not that I'm giving up my day job any time soon.

But my dream is to one day have a novel published. Over the years, that dream has gotten pushed farther and farther back, until now it is on my To Do list in retirement.

Which brings me to this list of late-blooming authors. For the longest time, I held onto Ursula Le Guin as a role model since she didn't start publishing science fiction until she was 37. But as my thirties (and forties) slipped by, I latched onto Harriet Doerr--not only was "Stones for Ibarra" a wonderful book, but the lady was 73 when it was published! Go Harriet!

It's not that I'm doing nothing right now to further that novel-writing dream. I've attended a monthly professional science fiction workshop for the past 30 years. I do write, albeit at an excruciatingly slow pace. I keep my hand in until life gives me some clear blocks of time to actively pursue this particular dream.

Oh, and I am constantly seduced by journals, blank books and the other accoutrements of writing. Which is probably why I like these blogs: "Notebook Stories" and "Make A Book A Day." (With regard to the latter, I am unfortunately NOT a crafty person. But I admire many of this blogger's products. Wouldn't it be fun to fill some of these blank books up with stories?)

Dreams are good. Keeping Harriet in mind, I've got another 11 years to achieve the reality.

Sometimes You Just Have to Hold Your Breath & Jump

I mentioned back in November that a friend of mine was moving her family to the Pacific NW from California and would be living with me while she looked for work and housing.

It worked out very well for both of us. She now has a job in her field, a house in my neighborhood, and a new lease on life. She's been working for the past month, and will move to the rental this coming week-end.

I bring up my friend's case because she has been talking about moving here for years. It took the loss of a job she'd held for more than twenty years in California to give her the impetus to finally move. In doing so, she left the city she'd been in for quarter of a century, the state where she was born and her family still lives, and her home which was underwater (and being short-saled). She brought with her two children who were not at all sure about their mother's new "whim."

But here they are, two months later, and everything is different.

After suffering a massive ego-tromping when she got fired, my friend wasn't even sure she'd be employable in her field. But this isn't California. People with her credentials and experience are harder to find here, and it helped that she was used to commuting in California traffic, such that a 20 minute drive to her new job didn't phase her. In fact, her new job, which was offered to her the same day she handed them her resume, makes even better use of her skills than the position she held for some twenty years. She's still learning the ropes, but she can already tell that this employment is less stressful and more fulfilling than her previous job.

She hasn't quite adjusted to the weather, though I keep telling her that one does get used to the rain. I haven't the heart to let her know that so far, this has been an especially dry winter.

But she's found the neighborhoods and schools more integrated (her children are African-American) and much safer than those she left behind. Even rent (which I consider outrageous) appears reasonable to her, based upon similar housing in California.

Right now, she trying out the local churches to see where her family fits in, and expanding her circle of friends beyond those two or three (including myself) she knew before she got here.

It took courage and a lot of planning to make such a drastic change in her life. It probably would not have happened had her job situation not been so traumatic.

But the real point of this story is that not every financial setback is a tragedy--with the right attitude and a willingness to take risks, it can be the start of something much brighter.

Fifteen Good Years?

I read this post from Super Saver with some consternation. Not to mention some recognition.

My father had a heart attack at age 58 and died from a stroke at 68. My mother died during heart bypass surgery at age 78. This does not bode well for Grace.

While I do think I take better care of my personal health than my parents did at this age, genetics can be a bummer.

Thanks Dad! Mom!

So thinking about the next fifteen years, maybe I should consider the possibility that they are the remaining 'good' years I have left.

Does that make a difference in my future financial plans? Right now, the plan is to get everything (residence, car, credit cards) paid off by (or, more likely, during) age 65, then spend four years saving for fun stuff like travel, and then retiring at age 69.

But would it make more sense to spend now for the things I want to do that will require relatively good health? I'd like to take a major car trip across the US--not so much to be outdoors (I don't like sunburns or mosquitos) but to spend time in all the cities I've missed: San Diego, Taos, Chicago, Philadelphia, Boston, New Orleans, to name just a few. Can I put that off for another 7 years or is the time to do it now?

If there's just 15 'good' years left, do I really want to spend half of them paying down debt or saving money? Would I really have to? If my last years of retirement are likely to be sedentary, and given that TV and the internet are not all that expensive, wouldn't that be the time to concentrate on debt reduction?

But I have no track record as a seer. I could get hit by a car tomorrow, or live into my '90's' (I'd say 'hundreds,' but I think that's pushing it!)

What I do have is anxiety. Letting my debt follow me into retirement produces more anxiety than I'm willing to have, particularly if those retirement daysare going to be among the best of my life.

I guess I'm stuck with just plugging away.

And pushing out the boundaries of that 'fifteen good years.'

If You Could Hit the Reset Button

Bob Lowery, over at "Satisfying Retirement," has a most provocative post. What if you could do some parts of your life over? Would your choices be different the second time? Do you regret some of the decisions you made the first time around?

This particular exercise is only for those of us over fifty, because only then do we have the distance and experience to see the consequences of our earlier decisions.

Personally, I have often felt that I didn't so much make decisions as allow life to carry me along. I regret not taking charge a bit more.

But hey! Let's go way back. My first big regret is not paying closer attention to Tommy S. I took him to my 9th grade Sadie Hawkins Dance and he took me to the Sophomore prom. We were both losers who felt sorry for each other. Who knew he'd grow another foot and a half, clear up the acne, and start riding motorcycles in college?

I regret not working harder at writing science fiction--I've been in the same writer's workshop for thirty years. I've sold maybe twenty stories over that time while many of my fellow workshoppers have written books and some even make their living as writers. I keep thinking that I will write more NEXT year without realizing that NOW was the time.

I would love to go back and redo aspects of my parenting. I feel like my first two daughters had to grow up along with their mother. By child #5, I had a much better sense of what I was doing.

I wonder what my life might have been if I'd remained in New York City to practice my profession instead of returning to my hometown. I don't regret that choice so much as speculate about what might have been.

Then there's always the question of marriage. Would my life be more financially secure if I had married? Or would a divorce have cut even deeper into my finances? (Never mind that I cannot think of one person I've met with whom I'd really want to spend my life!)

Enough of my regrets.

Yours?