Today, I did it. I took a good hard look at what retirement will look like when I'm 67. I think the financial advisor was somewhat disbelieving at the horror of my financial situation, but after sitting down with him, I found that life is not as grim as I thought. To him, it's horrific but then again, it's all in how you see it.
First of all, I need to rectify some of the wrongs that have been done to me. Although I have not wanted to do it, I now realize I have no choice. I will be taking my ex-husband back to court in order to get him to pay on the student loans. It is court ordered and he owes half. I have struggled with doing so, because of our children. However, it is time to do it or I may never be able to retire.
Secondly, I can pay into my teacher's retirement account to buy years Prior to today, I thought you had to buy in with a lump sum; not so. I can make installment payments. To buy 2 years, will get me a 5% greater payout when I do ultimately retire. It's worth it, according to the financial advisor. I could not make that on any investment. I also have the option to not ever retire and just draw social security while I'm working. With two months off every year, do I need to retire?
Third, I definitely need to pay off my half of the student loans. As a teacher, I qualify for forgiveness as a public servant. If I make 10 years of on-time payments, the rest will be forgiven -- provided that program is available when I get past my bankruptcy. If not, I definitely qualify for a $17,500 forgiveness working for a Title 1 school. Again, provided the program is available.
Although the Edward Jones representative cringed as I told him my story and looked at my finances, I was pleased by the information I gleaned. Truth be told, no one likes to look at negative numbers on their balance sheet. Make no mistake, I am quite broke. However, I have hope. That's all I needed to hear. I. Have. Hope.
No comments:
Post a Comment