I just turned 47, and I currently have less than $100 in retirement savings.
Over the years I've had different amounts of retirement savings. When I was 25 I bought my first car, my first house, and had over $40,000 in retirement savings. The following year my savings vanished after racking up extensive medical bills in the form of insurance co-pays and deductibles to pay for treatment of a rare blood disorder called Thrombocytopenia Purpura (TTP) and Non-Hodgkin's Lymphoma. I survived, paid off the debt, and raised four children on a limited budget. Later, I incurred more medical debt due to various health issues of my children, and my own additional medical bills after I was diagnosed with Crohn's Disease.
Even with all of these concerns, by 2009 I had paid my debts and saved $72,000 in a combination of old fashioned savings accounts and 401(k) funds. Then, on December 29, 2010 I had an allergic reaction that resulted in anaphylaxis, my death and resuscitation. I had ongoing breathing complications for months afterwards, and when I exhausted my FMLA leave my employer terminated me during the "Great Recession" last year in a cost cutting move.
My savings are now gone after paying for medications to breathe, I've defaulted on my credit cards and I am struggling to not lose my house while I look for another job. I have done the "prudent" thing and saved for a "rainy day" numerous times, but how can anyone save when it keeps raining?
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