Couple, 65 and 74, have come out of retirement to work because of massive debt
Date published: 7/6/2008
By CATHY DYSON
Carol Fisher thought she did everything right to prepare for retirement--and to live her dream of seeing the country from a recreational vehicle.
She and her husband, Larry, worked at the Naval Surface Warfare Center in Dahlgren. They planned to sell their log home in King George County after they retired and live off the interest, along with their pensions.
But when Larry Fisher died two years after the couple began traveling, Carol Fisher's dreams ended, too.
She had to start over--but it wasn't the last time she'd have to do that.
Fisher eventually got behind the wheel of a recreational vehicle and read a map--something her husband always did.
She traveled alone for two years--and went all the way to Alaska--then spent eight years enjoying the scenery with her fiance, Phil Haddick.
She also had a decade-long spending spree, buying souvenirs from New York to Nova Scotia. When gas and grocery prices soared, she found herself deep in debt.
Fisher parked her 32-foot travel trailer because she can't afford to use it and hasn't been able to sell it. She and Haddick moved into a Fredericksburg apartment six months ago.
But because rents went up so much--like her credit card balances--during the years they traveled, the couple's income no longer covered expenses.
Haddick, 74, had to get a job. He works full time as a maintenance man in return for rent at River Woods Apartments in Fredericksburg.
Meanwhile, Fisher, 65, is cleaning houses one day a week and looking for other part-time work. She's shopping at dollar stores and bakery outlets, buying used furniture and cutting napkins in half to save money.
"It's definitely not how I thought my retirement would be," Fisher said. "But I'm not the only one hurting. I'm no different than anyone else, except I'm not ashamed to admit it."
'heard this song before'
Seven of 10 retired people rely on Social Security for most of their income, according to Princeton University Press. The average Social Security check is about $1,000 a month.
By that standard, Fisher and Haddick are prosperous. He gets $17,000 a year in Social Security and free rent--the equivalent of $1,000 a month--for working at the apartment complex.
The largest number of baby boomers will reach retirement age by 2030, according to the National Association of Area Agencies on Aging.
In that year, 71.5 million people-- one in every five Americans--will be over 65.
Ruth Nelson, a Spotsylvania County resident and former Virginia president of the AARP, has the following advice:
Clear your credit card debt by age 50.
Rely on a combination of personal savings, annuities, pensions and Social Security income during retirement.
Pay cash for big purchases to avoid finance charges.
Don't succumb to the "buy-buy-buy" trend. Seniors eventually have to pare down anyway, "and whatever treasures you think you have, nobody wants them."
Standard retirement income is usually half of previous earnings, so plan expenses accordingly. And plan for that income to last up to 30 years after retirement.
A cautionary tale(posted by
tripodcatmom
, July 8, 2008 6:31 pm)
Perhaps we should view this story as a warning. You save, do what you think is right for retirement, then life hits you. It's not like they are 45 and can work for the next 20 years. They had fun, they learned a lesson; thankfully they do have income and Mr. H has been resourceful in finding a job with rent included. I applaud them and wish them luck.
Shame on you(posted by
simonsez
, July 7, 2008 7:09 am)
FLS and Dyson. These people lived the high life and now we are supposed to feel sorry for them. Come on! I wish my wife and I lived on 53K and free rent....my gawd..why don't you do a truely heartbreaking story about real people that can't live on what they make at 2 or 3 jobs due to "NO FAULT OF THEIR OWN".
They're not lottey winners.(posted by
upNorth
, July 6, 2008 7:25 pm)
Friends and relatives must see through them also. The bigger they are, the harder they fall. And both are too old to be getting into credit card debts.
they have to be joking(posted by
1eviltwin
, July 6, 2008 6:28 pm)
tell me this is a misprint..we are to feel sorry cause they make 53k a year and live rent free....her own fault for running up bills and living beyond her means.. i mean really must of us under 30 will be lucky if there is socical security left by the time we make retirement age
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