We won’t be able to retire unless we hit the lottery. We hold two mortgages (one on our Macomb Township condo and one on our house in Detroit) and although we’ve been contributing to our 401(k)s, neither of our current employers offers a pension.
Both homes are under water and we can’t hope to sell the Detroit property and break even.
We both had job losses in 2010 and our new combined annual income is nearly $30,000 less.
It’s hard to watch our friends who have been able to retire and start doing all of the traveling and other activities that we can only imagine, but we feel lucky to still be employable and working, as opposed to others we know who are in serious distress with few prospects for improvement.