I am 40 and my boyfriend is 44. We're planning to get married in the next year or two, but I am very concerned about our financial future. I don't have a head for that kind of math and he seems to want to just remain oblivious and pretend...
We both have bachelors degrees and he is currently finishing his masters. I have been out of work for a few years, trying desperately to find a job, but because I owned a successful company for many years, I'm continually getting the party line about being over-qualified, etc. I am getting by and making ends meet and have only accrued about $4,000 in debt. My last full-time salary was $65,000/year.
My boyfriend, however, has about $80,000 in debt: ~$50,000 in school loans and ~$30,000 due to a failed marriage, alimony, etc. He currently makes $65,000/year. I don't know what his earning potential will be with a masters.
Neither of us has planned much for the future. I just wasn't smart about it (being self-employed and without the standard 401K to fall into) and he works for a small company that just doesn't offer much beyond salary.
My question - how feasible is it, at our ages, to pay off his debt, buy a modest home, and still have time to save responsibly for retirement by 65-70 years of age?
I don't even know where to start.
We both have bachelors degrees and he is currently finishing his masters. I have been out of work for a few years, trying desperately to find a job, but because I owned a successful company for many years, I'm continually getting the party line about being over-qualified, etc. I am getting by and making ends meet and have only accrued about $4,000 in debt. My last full-time salary was $65,000/year.
My boyfriend, however, has about $80,000 in debt: ~$50,000 in school loans and ~$30,000 due to a failed marriage, alimony, etc. He currently makes $65,000/year. I don't know what his earning potential will be with a masters.
Neither of us has planned much for the future. I just wasn't smart about it (being self-employed and without the standard 401K to fall into) and he works for a small company that just doesn't offer much beyond salary.
My question - how feasible is it, at our ages, to pay off his debt, buy a modest home, and still have time to save responsibly for retirement by 65-70 years of age?
I don't even know where to start.