Mailbag: How much readers think they'll need

I truly have no idea, and that's the scary thing. I work for a regional Bell, and our pension (not the greatest amount of money, but still) benefits were "realigned." A modified 401k has replaced it; but the vagaries of the market and the limited number of choices (must be company stock until age 55) make financial planning absolutely terrifying. I am fortunate enough to be able to save the maximum allowed, but the current trend of an "ownership society" mentality (and corporate fiscal policy) makes me very uneasy. The pendulum will of course swing back and forth, but the future is not looking too bright.
- Matthew J., Guilderland, N.Y.

I do not intend to retire. My job is not work because I enjoy it.
- Emer Posadas M.D., San Marcos, Calif.

I only have $13,000 in stock and $1,000 in savings. So I am just sitting on all of it. I am retired and I only receive $1,550 in income each month. It’s enough for house payment, utilities, and HMO payment. Since I don't make car payments or there's no cell or cable TV. I am 73 and in perfect health. I mow my own lawn and clean my own house, my pleasures are simple and I prefer reading to mentally handicapped TV programs. … As an older person I think your demands are much lower and you just don't go out and max credit cards. You buy food where it's a value and I boycott restaurants entirely.
- Helen M., Sacramento, Calif.

My husband officially retired in 2000 with two teenagers still at home. We way underestimated the amount needed. I am in my 50s looking for full-time work, but have found only part-time work. We have wiped out our retirement trying to exist.
- Alanna N., Menifee, Calif.

More than I'll ever have. We've always worked for small companies with no pension or 401k, and made just enough to take care of our family modestly. There has been no extra. We are just starting to put money away and we are in our mid-50s. We hear and read about this investment strategy and that and I wonder where we missed the train. But we've always taken care of ourselves, never had the luxury of any help from anybody and we'll find a way. But why not address folks like that — you guys act like everyone has a million dollar 401k out there.
-Pat, Haverhill, Mass.

My nest egg projection is based on the following assumptions. (1) Home is paid for, (2) Children are educated, (3) My wife and I will modestly travel and pursue hobbies, (4) Our nest egg will afford us good health insurance. I estimate $3.5 million in liquid/revenue generating assets with 4 percent annual payout rate.
-Glenn, Charlottesville, Va.

Nest egg? LOL. I am struggling to keep from sinking, as is, in these wavy seas. That nest egg is being eaten for food, tonight at dinner. And I am an adjunct English professor licensed — and self-employed — as a trim carpenter in a market that has gone belly-up. I'm hoping to get a part-time job loading trucks in the evening for UPS. How's that for my master's degree at work? There is no nest egg for this 45-year-old. I've spent most of this past year readying my novel for print (acting as my own copyright attorney, to boot!) only to have my publisher pull out at the last moment because of my anti-Bush rhetoric. I thought I was doing well enough last week just to save my truck from being repossessed. The economy is bad; the outlook, worse. This country is officially broken.
- Roger F., Naples, Fla.

I "retired" three years ago when my Social Security kicked in, but I continued working because my wife and I can't live on the Social Security checks we both receive. We put our house up for sale in 2005 hoping we can live on the income we'll make when we invest our equity. Wrong timing ruined our plans. We've taken the "house for sale" down a long time ago after the brokers kept asking us to lower our asking price. ... Meanwhile, I continue working. My wife and I maintain the house in as best a condition as our resources will allow. We don't take vacations anymore. We just take weekend trips to the next state and return home before sundown to avoid hotel expenses. … The future is not so dim yet for us but what about the others who are now in the middle of this nightmare?
- Rene G. Peekskill, N.Y.

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