[Terpfen]

Why so little at age 23?

Due to various reasons at various points in my college "career," graduation has become a lofty goal yet to be attained. (I've currently got 6 classes left until I qualify for graduation, but I'm not attending classes this year. Long story short, I have to help the family finances out.) I just got a $10/hour job, and my second paycheck is on its way. What money I make has already been allocated for me: I'm helping with various insurance payments.

Believe me, I would like nothing more than to have started my real career two years ago. But circumstances popped up, and here I am.

Just to give you an idea of what I'm going through: my father died one hour before Super Bowl XLII. That created $12,000 in funeral expenses. We lost his paycheck and his police pension, and he had no life insurance. He had some savings, but it's not exactly the equivalent of the wacky old uncle dying and leaving you $20 million.

[ToastedHead]

Sorry about your Daddy. You’re doing awesome for 23 years old.

[rednesss]

"We lost his paycheck and his police pension"

Huh???? Every public employee retirement system that I know about is able to have benefits continue on to a named beneficiary.

[eyedigress]

I sorry for your loss as I lost my Father when I was 13. He paid into the system for 30 years (Professional) and 2 of us kids received SSDI until 18. The gov still made out.

[Myrddin]

Ouch. That's a hard way to learn about the value of a life insurance policy. Even a minimal policy would have made a big difference in your situation. My dad passed on in Dec 2003. It was an acute onset two days after Thanksgiving. He lingered and went downhill until Dec 17th. Unlike your situation, he had his funeral arrangements pre-paid. His Navy pension has sustained my mom...but won't forever. That unhappy sequence happened 27 years after I graduated. There won't be any rich uncle leaving big pots of gold for me either.

Finish those 6 classes. Your earning power will be greatly enhanced compared to others without the paper on the wall. My condolences on the loss of your father. Income is replaceable. The camaraderie and counsel of a parent is hard to replace.