Starting Over at 50? Dreams of My "Golden Years" Revamped

Like most Americans, I figured that I would work until I was in my "golden years" and then slow down a bit and maybe be able to work part-time, or even retire. Well, life decided to change my plans and now only months away from my 50ith birthday, I find myself trying to start over and making myself a 5-year financial plan to set back a little cash for my future.

I want to tell you what happened to me in case there are others out there who can relate to my situation. I am writing this to encourage others who have been through it and remind them, and myself, that there is light at the end of the tunnel even if it is very dim as I look at it right now.

The first thing that happened was the factory I had been working at for four years decided to pull up stakes and shut down. I was making $10.78 an hour at the time and was having no problem paying my bills including all the credit cards. I had a 401K and I was sure I could face any problems that popped up in front of me, but, I was wrong.

The first decision I made was to go back to school. I was considered a dislocated worker and I could go back to school for a 2-year degree, books and tuition paid. I searched the information given to me and looked at al the projected figures of the growing jobs in my area and chose something I thought would give me an immediate income in my area. I had worked in factories practically all my life and I thought that taking administrative services classes was the way to go because of the growing economy in my town and the future predictions of the growth of that field in my area. I thought I did everything right and made the best decision I could to improve my future. So, I started school with high expectations and the idea that I would give myself a whole new career and a better life. It turned out to be the first mistake I made.

School was great. I loved every minute of school but I soon learned that the money I was drawing to go to school on was not enough to keep my car payments, rent, etc., paid, so I cashed in my 401K to make sure I had the car payment and the rent money while I was going to school. I can see now, how that was an error, mistake number two.