Living paycheck to paycheck/retirement
Hello Terry,
Help! I’m single and turned 60 in July 2021. I am nowhere near ready ready for retirement anytime soon and I am in CC DEBT-. I’m currently working two jobs and have no nest egg, living paycheck to paycheck. I would love to increase my income smarter, not harder. Also very concerned about my future and how I can retire even if it’s near 70 years old. Any advice?? Or is my situation hopeless?? I do own my own townhouse since 2009, which I pay mortgage on/$830/month. Thanks so much Terry!
Terry Says
Welcome to what is becoming a very large club of single or alone women who are nearing retirement without adequate resources.
For starters, call 800-388-2227 for Consumer Credit Counseling Services that you can trust. That number connectsyou to the nearest local member agency of this non-profit. They may have some ideas — and will give you good advice.
OR, you can follow this formula. Take one card — the one with the highest rate or largest balance — and write down this month’s minimum monthly payment. Double it. Make the same payment every month (that original doubled payment, not the new one). Don’t charge another penny and your balance will be paid off in less than 3 years. So do it with one card after another.
Where will you get the money to do this? I always suggest a second job– but you’re already overloaded. Can you search to switch one of those to a higher payingjob? Is there room to cut in your budget? CCCS will help you figure that out.
One suggestion: Would you consider a roommate in your house — or renting a room to someone you might find through your church? That could be a big help to getting out of debt.
Debt is the big burden. Plan to keep working at least until you’re 70 — And you’d likely be bored anyway if you retire earlier. Take each day as it comes. Once you’ve whittled away your debt, you can start putting some money away in the bank. It will turn your life around. YOu can do it!
