Hope for those who chose to fund homeschooling over retirement?

[jld]

Reading on the other thread, it seems that for many people it just wasn't possible to start funding retirement early. It seems many people have had to make a choice between being able to stay home and homeschool, and being able to save money for other things.

 

Is there any advice for those who might be wondering how to start saving for retirement in their 40s, for example? I don't like the idea that it's ever too late to start. There are certainly financially astute people on these forums. Is there some hope that can be offered?

Edited May 4, 2010 by jld
removed a comma

[ConnieB]

Well, if you're like most homeschool families you have been supporting yourself with one income. When my youngest graduates from homeschooling I intend to go to back to work and ALL of my income will fund investments for our retirement. I'll be 53, so I figure I'll have about 10 years of income. It won't be perfect, but I'm actually working on some ideas that might continue to earn money even when I'm too old to want to get out of bed each day.....wait, that's now? I digress, lol.

[ScoutTN]

We don't have much saved for retirement, DH doesn't make a lot of $$ and I will be over 60 when our younger one goes to college. We will inherit some from my mom, but not lots, certainly not enough to make up for not saving earlier in our lives.

 

We are just doing what we can, trying to be disciplined in saving even small amounts and most of all not letting the culture shape our ideas about "retirement". We both plan to work well past 65 and to live simply. We will certainly teach our kids more about money and saving than we knew so that they will perhaps have more choices than we will have.

 

While it would be nice to have a big house, maid service, play golf (DH), travel and spend winters at the beach.That is just not what our life will be and we are not going to be disappointed. We have lots of family here and a wonderful church family. We love God and are secure in His love for us - even if that means a rocky road or one that seems harder than some others. We are Christians and the current American concept of retirement seems to us to be unbiblical and self-centered.

 

As far as specific savings - we invest in good growth stock mutual funds, have no consumer debt and a modest home which will be paid for by the time our kids are 18.

Our primary investments are in people, especially our children. And in the Kingdom of God. Treasure indeed!

Edited May 4, 2010 by ScoutTN

[Renee in NC]

At this point Social Security will be more than what dh makes now, so we should be good!:lol:

 

Really, though. I will be 51 when my youngest child has graduated, so I'll have 20 years to work. I don't think we'll ever have retirement in the sense that most people think of and I don't want it. I don't see much redeeming value in it.

[dansamy]

I currently work, and I will only be 45 when my youngest graduates high school. I will be 50-ish when everyone *should be* finished with college undergraduate degrees at the least. I am considering reducing my hours to just part-time or changing my days to be more conducive to homeschooling. I presently save a tiny amount for retirement. (Just 6% of my income.) I know it needs to be increased to more than that. After kids are older teens, I will probably increase my hours and use that money to fund retirement as well.