Questions for the informed

[dmc-2008]

I am 53. I will be discharged in 2017, I will be 57ish! This bk was my last ditch effort to make my golden years doable. I cannot go into my 60s straddled with my debts! My teen does not know either. Frankly my finance is none of her business. She is on a golf team and knows that is her ticket for scholarship.

I don't know how old you are but I probably only have 12 -15 years to work if I am lucky. I have health issues. I want to work as long as I can after this bk to get back on my feet.

Our kids have more time then we do!

[AngelinaCat]

PP and dmc: I think this is the time to sit your young adult children down, and EXPLAIN the facts of life to them. You are BROKE. Period, and 'End-of-Subject'. They must get PT jobs and go to school part time while they work to pay their way. You may be able to help purchase a book now and again, but they should NOT look to you as the 'cash cow'.

As I said elsewhere, they can apply for grants, and if they have grandiose ideas that they are going to a prestigious out-of-state school, they can scrap that idea. They can get just as good an education at an instate school which is much cheaper. If they insist on the out-of-state school, then they better have top-notch grades that will earn them scholarships or grants.

Just my .02 cents...

And one other thought: NO one is going to look after you and your Retirement, other than YOU. Do NOT let anyone--even your kiddies bully you out of it.

Off my soapbox now...

[dmc-2008]

My kid is 14 and it is illegal for her to work. When the time comes (I will determine that time) she will pull her own weight. However i will provide as much as I can for as long as I am able.

[PhantomPain]

dmc-2008: I will be 55 next month. I will be discharged in 2016 and turn 58 that year. The thing is, I want to retire when I'm 60! 62 tops! If I have to get rid of everything and everybody I will do it. I've been unselfish my entire life and now it is getting time for me damn it!!! My kids are very bright and I've guided them as well as I can. My youngest will graduate high school when I'm 59. So, get him set up to succeed is all that I need to do. Granted if I worked until I'm 65-67, my retirement years would be financially sound no doubt about that. I am just burnt out in my career. But what is hanging over my head is that monstrous Student Loan debt. I guess I should not worry about it and just count on 20% my retirement income going to them until I die.

[dmc-2008]

Ouch that is quite a chunk! I completely understand! I would love to retire at 62 as well! We are lucky, most people can never even think about retirement. Wallmart greeter and all! Good luck!

[filingin08]

Look at SL repayment options!

It looks like DH and I will qualifor for the income based repayment plan and since we both work at a government agency, once we've made 120 ontime payments, we walk away from the rest. From my calculations, we won't even have touched the principal. Not looking forward to it, but our SL payments will be significantly less than our BK payments, so definitely doable for us.

[andy158]

I will be 53 when discharged. I have taken into consideration my retirement years and plan on putting max amount into my 401k after discharge. Luckily wife has a good job now and I plan on retiring in 10 more years. I have seen too many of my co-workers and family members work til the end and either get diagnosed with a fatal disease or die from health issues before drawing any retirement at all. I have heart disease and high blood pressure I keep in check and would like to at least enjoy a few "good" years before anything debilitating.