Retirement— Are you ready?

I collect Social Security and that is what I live on.  I am a 73-year-old widow and I cannot even afford my meds. Thanks to my doctor, I get Freebies.  My husband and I invested in stocks and lost three-fourths of our money.  Then he became very ill and passed away in 1998.  Pension money was eaten up.  I do not get assistance of any kind because my SS is just OVER the line to qualify.  Cute huh?  I did put some money from the sale of my home into a policy where I must now take out a certain amount a year.  That is a small 9000 fund.  Know where I can meet a rich senior male companion? It really isn't funny!!!! —Berndine DeLap, Sussex Wis.

I am 25 years old, a full time employee and full time student. I have been saving 10% of my pay in a 401k for the past 3 years.  Money is extremely tight now with school, and rent, and everything else, but I know it will be a lot tighter if I wait to start saving until it's too late. I am not counting on ever receiving a Social Security check, but I understand that this government made a promise to (and took the money) of those who came before me.  I would prefer a system where we are responsible for ourselves.  Americans need to start thinking about the consequences of high interest debt and lack of savings.  So does the government.—Marguerite Wolf, Tacoma, Wash.

I am a Deputy Police Chief in New Jersey. I had planned to retire at age 55. I am eligible for a 70 percent pension from the state. I will get no Social Security, as receiving the state pension negated being eligible for social security. I would be able to live nicely on the 70 percent. However, I have to pay 80 percent of my health insurance upon retirement.  That would have been fine if the cost of N.J. Blue Cross/Blue Shield had not gone up 105 percent in 3 years. Now my 70 percent after the cost of health benefits is deducted equates to 54 percent before taxes. It is cheaper for me to continue to contribute pension payments then it would be to pay the health insurance premiums upon retirement. It is good that I like my job because I would need to get a part-time job if I retired to help pay the health insurance premiums. My health benefits as a fulltime employee are paid for by the town. Like I told the mayor, I guess the towns people should get used to an aging police department, since there is no economic incentive to retire. I have worked for the police department for 33 years. —Arthur McLaughlin, Cresskill, N.J.

I got my first good job at age 21. I had health insurance and a good pension plan. I put as much as I could afford into the pension plan hopping to retire at age 55. I worked my way into a lower management position which gave me an option to get in a better plan. so I paid into both. I received an update yearly showing that if I retired at 55 I would be making a little less than I was making working but at age 65 with Social Security I would be making more than I was working. I left that company for a better job but left my pension plan with them. A few years later I found out the company was split up and sold to various other companies. The only thing I could get out of my pension was what I contributed plus a small amount of interest.  I took that and invested it in an index fund. The owner of the company I went to work took the extra profits from the company and put them in a retirement plan. When he turned the company over to his son we all got an IRA account and he rolled that money into that account and we were forced to learn about the stock market. It looked like I was back on track to retire at 55 again but 2001 came and the Internet bubble burst. I wasn't quite fast enough and lost a good portion of my profits. If nothing bad happens I will be able to retire at 60 and live on the same salary I'm making now until I'm 88. Any youngsters out there? Start saving now, stay out of debt, and have your fun when you really have the time.  55 and 60 isn't old anymore if you keep fit and eat right. — JFW, Salt Lake City

I am 41 and my husband is 43.  We have been saving for retirement since we were in our 20s and should have over $1m available at retirement age.  We are lucky because we were smart enough to take advantage of our employers 401(k)'s and start saving in them when we were young. We have also taken advantage of Roth and Traditional IRA's.  We had to do this though, since our companies terminated their pension plans so a traditional Pension was never in the cards for us.  We have never counted on Social Security. Even 20 years ago when we started working there were warnings that it would not be around. So we took advantage of the private route and will be safe.  Unfortunately, there are  alot of Americans in the middle who lost their pensions and didn't have alot of time to save into 401(k)'s or other retirement plans and who took Social Security to be a given that would support them. My children will be told that they have to start saving for retirement as soon as they start working.  For them there is absolutely no hope of Social Security being able to support them at all — with or without Bush's plan.  Count on yourself, live more simply and save money — don't depend on the government. —Louise, Vt.

About one year ago today my son was in a car accident.  He has ended up with Tramatic Brain Injury.  He is struggling to get his high school credits.  But without Social Security my son would never survive.  So what are we going to do with all the people who have no choices where life takes them on an adventure that they never hoped or planned — whose lives are just totally changed?  I have been reading that it's not fair that some are complaining about giving their money away to people who don't want to work. Perhaps they're are people who love to if they could.  I hope they or their loved ones don't find themselves in this position.
—Debbi, Thief River Falls, Minn.

I just received my first Social Security Check.  I am 62.  My check will be $1087 a month.  I have two college degrees.  I am a Vietnam era veteran. In my 30s and 40s I had good jobs.  When I turned 50, I lost my last good good job and I have been underemployed since then.  I would have kept on working until 65 but there is definite age discrimation in today's work place.  Luckily, my wife still works and we have health insurance.  We have managed to save a little money but our old age seems bleek.  Our plans are like many we know.  Just try to do the best we can and hope we don't get sick.  We are worried about where this country is headed and nobody seems to have an answer. —James Wilson

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