Posted on 05/09/2024 8:04:04 PM PDT by Cronos
Cathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future.
The clerical worker in Minnesota has struggled to rise up the ranks throughout her career. She said she's earning a salary similar to some entry-level positions despite nearly three decades in her current role. She's nervous that even though she's eligible for a pension in a few years, it won't supplement Social Security payments nearly enough to live comfortably.
"I can't afford life while working. How can I even think of retiring?" the St. Paul, Minnesota resident said.
...Cathy grew up in Minnesota and attended the University of Minnesota, after which she enrolled in law school. She worked full-time as a legal secretary at the Attorney General's office while in school part-time at night.
She said the job didn't work out, as her supervisor disapproved of her leaving an hour early each day to attend classes. Law school didn't pan out after two years, and she was laid off from her government position. She still had loads of student loan debt, and she took jobs in Minneapolis as a legal secretary at different law firms.
After a decade, she hadn't climbed the corporate ladder at any firm, so she returned to working for the state government to attempt to make more money and not lose benefits. She worked at the Department of Revenue in the mailroom, then got a job as an administrative assistant for the state's college system, which she kept for about 25 years.
Because she worked for the college system, she received free tuition for a degree, so she obtained a master's in public administration shortly before the pandemic.
...Many peak boomers also fall into the growing category of ALICE, which stands for asset-limited, income-constrained, and employed.
(Excerpt) Read more at businessinsider.com ...
Many ALICE Americans fall above the federal poverty level and typically earn too much to qualify for government assistance, though most can’t afford their daily expenses.
To be clear I was born in 1959 and my retirement age was “adjusted” to 66 years and 10 months. Not a problem as I really like my job and retirement doesn’t interest me atm.
if that’s true, then she better hope the decision isn’t made for her...
I suspect that ALICE made a lot of bad financial decisions and didn’t manage her money well.
Vote Democrat!
so she’s an ALICE — you’ll note, said Masters Degree is not specified... dint do her much good then did it???
My son, who has 30 years experience as a special ed teacher, IT specialist, and administrator, now works for a top notch college which has a tuition with room and board of $60,000 A year, for $25 an hour! Naturally, when he gets promoted to a more suitable and responsible position, he will make much more, but unless you’re at a certain level, colleges pay their staff much less than their tuition charges would seem to indicate they should.
In spite of her meticulous planning and focus on her goal of retiring with some modicum of comfort...
>> After a decade, she hadn’t climbed the corporate ladder at any firm
She’s a victim! Won’t you help? A mere $2 per day from each of you will help “Cathy” escape her life choices and thrive as the well-off retiree she DESERVES TO BE. Contact socialist publication Business Insider for details on how YOU CAN HELP Cathy!
master’s in public administration...
master’s in public administration
Three words: More to Delaware.
It says she got a masters in public administration (MPA). That’s great if you want to be a city manager but every city has just one of those. Sure it qualifies a person to run other public departments like issuing zoning permits or something but it’s a stupid move for someone looking for the broadest choice of employment options. A garden-variety MBA would have given her 50 choices for every one she has now.
Master’s degree in public administration. Totally unimpressive to the bureaucracy.
More = Move.
PWI
Joe says people have plenty of money and can afford it.
Two Mansions and a Beach House with both of his kids driving Porsches will do that.
His entire Social circle doesn’t know anyone that works for a living.
In the Minnesota college system she has extremely generous benefits. So, how much has she saved?
I notice she says she had "tons of student loans".
"I can't afford life while working. How can I even think of retiring?" the St. Paul, Minnesota resident said.
It is hard to retire if you are used to living paycheck to paycheck.
Her income now is about $40,000 a year plus. She took out $40,000 in student loans over 25 years ago, for law school, which she never completed. The remainder of the loans was recently forgiven.
She never considered buying a home, mostly because of her student loans.
If she is a victim of anything, she is a victim of feminism.
All that said, I am living comfortably but that's because I never ran up a lot of bills and never lived beyond my means. I am content. Sure, who wouldn't want to have $250,000 in savings/retirement. But the way I look at it, I can't take it with me. So if I ever do come into a lot of cash I'll probably give most of it to my kids before I pass. That way they won't have to incur inheritance taxes.
For 25 years she didn’t advance. There’s probably a reason for that. Lots of below average people out there, and promoting them over smarter, harder working people with more potential is counterproductive. Going to college might have been a mistake for her.
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