Do You Feel Financially Secure?.....

[global1]

Just curious as to what people have to say about that these days when we read and hear that the economy is good.

[Newest Reality]

1. No. Not at all.

[Skidmore]

2. No one is financially secure

in eras of upheaval, when the soil shifts beneath your feet and the wind is forever in your face.

[GoCubsGo]

3. Nope. Still not even close to recoving from the Bush Depression.

That ruined me beyond repair.

[shockey80]

10. Sorry to hear that. Not enough Americans learned a lesson from that massive fraud.

[GoCubsGo]

16. Like Gore Vidal said, the is the United States of Amnesia. nt

[Happy Hoosier]

4. I am....

.. but many around me are not.

[marybourg]

6. Same here.

[shanti]

24. Yup

And realize that it could all crash down too.

[Generic Brad]

5. I do

I was terribly insecure when I made more money. But my old company released me in 2018 a few months before I was eligible for early retirement and I was terrified. Fortunately I landed with an incredible nonprofit that pays less in exchange for better benefits and more job security. I am confident I can remain employed until the day I decide to retire. The experience forced me to reassess wants vs needs and I have become a super saver. For the first time in my adult life I feel financially secure.

I also recognize how incredibly fortunate I am and know my situation is opposite of what the majority of my fellow Americans are experiencing.

[Hoyt]

7. I suspect that 80% of us know things could turn south at just about anytime. It's been that

way a long way back.

There are different kinds of financial insecurity -- from the people who are a paycheck, or so, away from being homeless, to those who are afraid they'll have to downsize significantly.

I'm most concerned about those on verge of homelessness and living without health coverage, a chance at education/training for job, sick and disabled, etc.

[cyclonefence]

8. Yes, but not because of anything Trump has done

We are debt-free and have enough money saved to see us through our dotage thanks only to 50 years of a modest lifestyle and consistently putting money aside for the future.

[ooky]

11. I have the same financial situation you describe but I still don't feel secure

because of the Dotard in the White House. I fully expect him to be unleashed coming after our assets if he gets another 4 years.

[NRaleighLiberal]

9. kind of, but a stock crash away from not at all.

hardest thing now is feeling emotionally secure, or optimistic about the future, with current politics.

[former9thward]

42. If a stock crash worries you why not move those assets out of stocks?

[dawg]

12. No, because my children are unable to fend for themselves ...

and due to various reasons, may never be able to do so.

In a country that took care of those who cannot take care of themselves, I'd be relatively secure. But I know it's all up to me, and despite having pretty substantial means, I don't think it would be enough to see them through for the rest of their lives - especially considering the current state of the U.S. healthcare system.

[yardwork]

13. It's not an exaggeration to say that climate change puts us all in peril.

In the United States we already have far too many people who are financially vulnerable. Way to many people working multiple part-time jobs with no benefits. Folks who can't find a job. People with no savings, and those watching their savings disappear because of medical debt.

Even among those who are relatively financially secure, we face an uncertain future with more and more extreme weather events that will drain national resources. We're facing a future of water shortages, severe droughts, floods, wild fires, and monster storms that will put the populations of entire regions in crisis.

As a nation, we're entering a global existential crisis from a position of weakness, with a population that is more ignorant of science and rational thought than before.

[exboyfil]

14. I have plans

but paying for my wife's healthcare could put a monkey wrench in any plans. That and her expectations on what to expect in retirement (and no I am not talking about vacations - it is more like whether we have a car or not or whether we keep our house or find a one bedroom apartment to rent). I would be very happy with a minimalist lifestyle.

I would not be surprised to lose my job in the next six months to a year. I am 56 and my wife is 53. It might very well be the last engineering job that I have. We have already gone down to one 11 year old car (the 18 year old car just died).

I priced unsubsidized ACA in Florida (I would sell my house and live with my mom down there if I lost my job since she needs a home caregiver anyway). With out of pocket ACA is $30K/yr. Money to pay premiums would first come from proceeds from the house and then out of taxable accounts (thus boosting my income and reducing my subsidy).

[smirkymonkey]

15. No. I would not feel financially secure unless I was independently wealthy.

As long as you need a job for an income and healthcare benefits, and do not have unlimited funds to support yourself and your family should you never be employed again - or ever become seriously ill, I don't know how most people possibly could feel financially secure.

You just never know when the rug is going to be pulled out from under you.

[Takket]

17. no. not even close. and despite that i have to suppliment my child's income who is doing even worse

and i make good money.... but it just doesn't go as far as it used to. unless you live in a home where two adults are both working and each making 100k+, you really can't live a comfortable life with no financial worries.

[former9thward]

43. What? Where do you live that 2 adults have to make 200k to live comfortably?

[dumbcat]

18. I suppose I do

I'm in my 10th year of retirement. Between my Fed civil service pension, soc sec, IRA distributions and other investment income, my income now is about 10% higher than when I quit working. Children and grand-kids all doing well. I feel pretty secure.

[Blaukraut]

19. If our circumstances stay the same, yes

My husband is the sole earner, but his job is secure and he is getting military retirement pension. We have a house with a 3k/month mortgage (15 yr, to be paid off by retirement). No other debt. Husband has a 600k term policy that runs out in 5 years. He has recently had mitral valve repair surgery and won't be able to purchase a new policy until a year past the surgery and it won't be cheap, no matter what. So yes, I personally feel financially secure for another 5 years if nothing else changes. Longer if he is able to purchase another policy that is somewhat reasonable and at least covers any expenses, mortgage, etc.

[Raftergirl]

20. I do.

Husband govt employee with 30 years of service and will be collecting a very large pension when he retires later this year, but plans on keeping working full time after - likely as a consultant. He will only be 62 and won’t even be collecting his SS until at least 67.

Our health insurance will be completely free until we reach 65, at which time the supplement part is covered by the state and accrued sick days (which H has never taken one in 30 years) pays for our Medicare after we hit 65.

Add in his 403B and our other investment accounts will only be gravy.

As it is we only live on 1/3 of his monthly income now.

Like another poster mentioned our income will increase when H retires.

My kid, who is 26, already earns in the 6 figures and has 401k and a Roth, plus a regular investment account. And he’s got $44k just in his regular savings. His main goal in life has always been to earn a lot of money and he is frugal.

[RT Atlanta]

21. Not at all

check to check

with a near constant mild stress/knot in my stomach/clinched shoulder thinking about the lurking background of making rent, etc.

[iwannaknow]

22. No

[Luciferous]

23. Yes but not because of the economy.

[mnhtnbb]

25. My financial security is partially dependent upon Social Security and a Fed'l civil service pension

both being collected as widow/survivor's benefits. The CSA pension benefit includes partial payment for the supplemental policy to Medicare.

I am fortunate to also have an IRA (from which I don't yet have to take RMD), a moderate trust left to me by my father, and all the equity in the house my husband and I built which came to me after he died in 2018, and then was sold. My investments are set up to generate income--primarily--and are very conservative.

So, at the moment I feel financially secure, retired and turning 69 next month. If the Republicans pull the rug out from under all of us currently on SS--and collecting a pension from the Feds--that could change in an instant.

[redstatebluegirl]

26. No, at least not as secure as we expected to be at this point in our lives.

We had to take care of two elderly parents who spent over 2 years in long term care. My dad's money ran out in a year, my MIL ran out at the end of 6 months of constant care. She didn't have much to start with, my dad had more but it doesn't take long when they need LTC. Then we had to take care of their final bills, funeral all of that. It drained us.

[Flaleftist]

27. I'm getting by.

Worst case scenario, I could pull from my retirement. I am secure in that I don't think I will ever be homeless. That doesn't mean I don't have to budget. I don't think I'm any better off than someone who had my job 20 30 or 40 years ago.

[kimbutgar]

28. Somewhat but a catastrophic illness would wipe me out

[PoindexterOglethorpe]

29. Yes, I do feel financially secure.

My income is higher than it ever has been in the past ten years. Not by a lot, but by enough.

I have a small pension, social security, two annuities I'm collecting from, and additional income from investments. I do have a mortgage, but I'm putting a few extra hundred dollars each month these days, which I couldn't do before. There's about 20 years remaining on a 30 year mortgage, but I should have it paid off in about twelve years. I will say that I'm not entirely sure that's the right thing to be doing. Maybe I'd be better off putting that extra into a savings account, but when I see the amount of interest I'll be saving, it seems like the right thing to do.

I have always lived modestly and saved as assiduously as I could. It's been worthwhile.

Many years ago I read an article in Life magazine, profiling a man of modest means who saved a significant portion of his income. This was long before the FIRE movement. What has always stayed with me was his answer to the question, "How do you manage to save so much?" He replied, "Don't ever forget there is someone down the road making $2,000 a year less than you are, and they're managing."

Change that number to whatever you want, and it's still true.

[VarryOn]

30. Fairly secure...

My car was totaled by a woman running a red light in December. Took a big chuck out of savings to buy a new car. Will have to divert money to savings for a while to make it up.

The woman was uninsured and recently filed bankruptcy. Restitution will take a while, if ever.

[JenniferJuniper]

31. No, my retirement is far too dependent

on the stock and housing markets.

[2naSalit]

32. Nope.

Never have.

[The empressof all]

33. To some extent...

Currently, things are fine. But I have been very fortunate. If things collapse, than many of us will be in trouble and any nest eggs could be swiftly depleted.

My house is paid for but I live in an area with high property taxes. There is also always repairs needed on older homes. If need be I can rent out a bedroom or two....It wouldn't kill me to get rid of stuff.

[Adsos Letter]

34. Yes, but not because of this economy.

We have two large pensions, one from the state and one from a private corporation. We each get the max payout from SS, and our healthcare is part of my wife’s retirement benefits (which are part of the state retirement package). $10 co-pays for meds and procedures, with no deductible (Kaiser). We also have close to $1,000,000 in a conservative Vanguard fund.

We just last month paid off our mortgage on a modest home, and one of the cars. We’ll pay off the other car by the end of May. We pay our credit card balance in full each month. We both have long term care insurance.

Obviously, all of this could change given the right circumstances, but I feel like we’re in pretty good shape without being independently wealthy.

We are Democrats because we want these things to be as common among Americans as possible, and because we believe in Progressive social and economic values.

[global1]

35. With Your Description Of Your Situation And Based On Your Assets....

It sounds like you could be called a millionaire. Congrats!!!! I'd just like to make a point that being a millionaire these days is not that unusual as it was in the past. Home values are up and frugal people - watching their spending habits and taking advantage of IRA's can hit that millionaire mark.

Yet I've talked to people in your situation that still don't feel financially secure.

[Adsos Letter]

38. I'm prone to feelings of insecurity in general because of current world affairs.

At some point I just have to accept that things can change for the worse for anyone, at any time. It’s just the way life is, although a government with the people’s best interests in mind can do a lot to ameliorate some of the biggest insecurities.

My hope at the moment is that one of these fine mornings the Grifter-in-Chief will come tearing out of the White House, naked as a jay bird, and run screaming through the weeds, chased by the guys with the butterfly nets. All in front of a large press gaggle.

Or dragged out by one ankle, weeping uncontrollably and crying out for Ivanka.

Either would be fine.

[jmg257]

36. Yep - pretty good. 401K need some more cash, but its doing well with what's there. nt

[Drahthaardogs]

37. Yes, but...

I chose the path of security a long time ago. I worked for a government pension, health insurance for life, have a few hundred thousand in a 401K, and a large house 75% paid for that I WILL downsize soon.

[Yo_Mama_Been_Loggin]

39. Yes but no thanks to Trump

I worked and saved for a long time.

[hunter]

40. I used to feel secure until we experienced a few years of Medical Hell.

Everybody thinks they have good medical insurance until the shit really starts raining from the sky.

We ran a COBRA out to the bitter end and spent a few terrifying days waiting for my wife to be accepted to our state's high risk plan. Any lapse in her treatment might have had horrible consequences.

We still had huge medical bills after insurance had paid. We were struggling to pay for prescriptions. We almost lost our home.

In any truly civilized nation none of this would have happened. People shouldn't have to do battle with faceless corporate entities to get the medical care they need.

Serious illnesses or accidents can happen to ANYBODY.

I think the U.S.A. is fucked because there are too many "christians" who believe their asshole god is handing out rewards to people he favors and punishments to people he doesn't. They think they are among the chosen until they discover they are not.

I used to be terrified by calls from medical debt collectors. If I still cared it would eat me alive. I don't.

I'm a little resentful that I might feel secure if my wife and I had emigrated to a first world nation when we were young, but I also like a fight. Maybe we can make the U.S.A. a first world nation someday.

[lpbk2713]

41. All it takes is one catastrophic medical event.

And almost anyone can be in dire straits.

[I_UndergroundPanther]

44. No

I feel very insecure financially.

I'm scared Trump's cuts will make my life hell.

[VOX]

45. On paper, the numbers look good. But with pandemics, climate change and Trump...

Our funds that are market-based could shrink. My wife and I both have Social Security, I’ve got a state pension (31 years service), employer-paid health insurance for the both of us (but my portion to pay just increased to $470/month for two), long-term home healthcare insurance, our mortgage is small, and our debts are way down and nearly paid off.

That said, our property taxes are brutal, and the house needs some attention. Utilities keep climbing upward, and the San Andreas fault is just a few miles away (when I’m really looking for something to worry about).

If Trump is re-elected, we’ll have to hunker down and watch our expenses very carefully. At least until the missiles are launched.

[Quixote1818]

46. I am lucky. Been with the same company for 25 years so yes. nt

[Vivienne235729]

47. NO! I make good money and the inflation is quite noticable. I have had to make adjustments

Everything has gone up SO much, it's crazy. I don't know how anyone can afford anything anymore.