Dec 29, 2008

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Tim Eavenson: No Retirement? It’s not so bad…

[The following is a transcript of Tim's commentary from the radio program Marketplace]

I’m fairly convinced that retirement is a scant possibility for me, but that’s not so bad. At age 28, I am fully prepared to work until my dying day. I can’t afford to contribute to a 401(k) because I don’t have any income left over at the end of the month. I have approximately zero in savings and $200,000 in student loan debt. I do believe that Social Security will last a while, but not until I am 75, or 85, or whatever they change the retirement age to by the middle of the 21st century.

Honestly, what I’m hoping for right now — my best-case scenario — is that I can make a little more down the road, and pay off my loans before my kids turn 18 so I can get them through college, and sock enough away to become a part-time counsel somewhere when I’m older.

I’m not bitter. Honestly, the concept of retirement seems a little selfish to me. I mean, expecting to retire is a luxury just a few generations old — it’s not exactly the entitlement people like to call it; I would happily give it up in exchange for some other benefits. For example, I would love it if the government could somehow fold Social Security money, if there is any, into funding for single-payer healthcare. I’d work until my hands fell off if I knew my son could go to the doctor and we wouldn’t have to file for bankruptcy.

Plus, if I didn’t have to think about affordable health insurance, I’d have more freedom in choosing where to work, instead of my plan now, which is to get into the biggest corporate mega-firm possible so I can insure my family for under $1000 a month.

I mean, money is meant to be used to make us happy anyway, right? Why would I want to wait until I was in my 70′s to be happy? If I ever have enough money to put away, I think I’d put it to use. I’d rather feel the pride of watching my kids graduate, knowing they won’t be saddled with the debt that I had. Or take vacations with my wife in our youth. Or actually pay off a mortgage. You know, crazy stuff like that.