GI Jane Finances

December 28, 2010

Retirement and banking woes

Filed under: Uncategorized — gijanefinances @ 3:16 pm

Interesting read called “Retirement Crisis: Baby Boomer Near 65 with Retirements in Jeopardy”

CHICAGO — Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they’re hoping to retire. Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. more at the jump…

Three interesting points:

The article stated that folks in their 50’s and 60’s had about $150,000 saved. 

It also said that most boomers are taking their social security as early as 62 years old.

According to the article:  Mortgage Debt. Nearly two in three people age 55 to 64 had a mortgage in 2007, with a median debt of $85,000.

My parents fortunately defied all three arguments.  My parents are reaching 66 years next year.  My mother said to me the other day that 66 years old is a milestone. 

Me: “Why, wasn’t 65 years a milestone already?” 

Mom:  “Sure, but now we can take social security!” 

Duh…good for them for not taking it at 62 years old.  I am sure they wanted to.  Plus, my parents saved around $400,000 or more.  Not the $1 million I would like to see, but like the article stated, this past decade was completely lost.  They have about $41,000 in a mortgage for their primary home.  However, they have a paid off “retirement” home in Florida.  Their primary house is not underwater and has about $200,000 in equity.  Not bad for Jamaican immigrants.

BREAK   BREAK

Yesterday, I received a notice from Chase that my account will be charged $12 a month starting in February if I do not do one of the following:

  • Direct deposit $500 or more
  • Keep an average balance of $5000 or more
  • Keep a minimum balance of $1,500 or more
  • Or pay $25 in account fees 

Those bastards!    The Chase account is the only one I have available for my property manager to deposit money into.  I may have to do one of those things or close the account.  I am really annoyed by this…it already takes  7-10 days for me to get my money.  I do not want to give the property manager access to my primary account.  I trust him with my life, but not his assistants. 

Happy birthday to me!

GI Jane

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2 Comments »

  1. 1. Can’t you just keep a $1500 balance? Seems the easiest if you don’t want to switch banks.

    2. I guess I can’t be surprised that people only have $150,000 saved. It has been a tough 3 years…

    Comment by The Everyday Minimalist — January 4, 2011 @ 9:13 pm

  2. Yeah, I decided to do that instead of going through the trouble of switching banks. I like seeing my money all in one place.

    Comment by gijanefinances — January 5, 2011 @ 11:44 am


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