Brother, Can you Spare a Dime?

Chris and I are trying to do what we can to ensure that we won't have to work until we are 87 years old. We are fortunate that we pay into state retirement plans rather than social security, because in all likelihood, it will not be around by the time we retire. However, neither of us is naive enough to believe that the income from our pensions is going to be enough to sustain us once we are of retirement age.

One way that we have been planning for our future is to work with an investment planner. This method of saving for our retirement is looked upon much more favorably, than say, burying coffee cans of cash in the backyard, which is what I am tempted to do after listening to our A. G. Edwards guy explain how my Roth IRA works. I don't consider myself to be a stupid person, but often times, I find this whole process completely overwhelming. You could take the knowledge that I have of the stock market and investing and use it to fill up a thimble. . .and perhaps still have some room left over in it.

As if planning for retirement weren't challenge enough, we are now attempting to make more prudent invesments toward our daughters' college savings. I thought we had been doing a pretty good job of making headway on this goal, until we met yesterday with Mr. A. G. Edwards guy, AKA, the Master of Doom & Gloom. He had run some numbers for us that showed projected rates for college tuition for both of the girls. He speculated that by the time Maggie and Aleita are of age to go to college, they will need approximately $150,000. EACH. (Keep in mind, these number are for a STATE school, not a private one. . .should they decide to follow in mama's footsteps and attend a private one. . .well, I don't want to even think about that right now.) To say that the wind has gone out of my sails is an understatement. He showed us some investment options to assist us in reaching the goal of having college tuition money for them, but then I reminded him that we like to eat, and that we really enjoy sleeping with a roof over our heads.

Chris and I talked last night, and we have figured out a few ways that we can dedicate a little more money to this tuition savings nightmare. Do I think that we will be able to accumulate $300,000 for college for our children in the next twelve years? My guess is that it is not likely, unless some long lost relative that I am unaware of decides to make a large bequest to us in their will.

After talking with our financial guy for 45 minutes, my eyes were starting to glaze over. I had reached my limit of talking about stocks and funds and investments and such. As we were leaving his office, Mr. Doom & Gloom handed me a prospectus, saying, "thought you might want to have this on hand to use." And I did. As soon as I got home, I set my water glass on it to keep it from leaving a ring on the table.