June 26, 2009
Where do I start with a retirement plan at age 49?
There Are No Accidents asked:
I’ve been divorced for 11 years, ex has done nothing to help raise the kids financially so consequently, all my money has gone to raise them, I’m still putting my youngest through college (she’s in her second year) They’re both grown now and it’s time for me…problem is I only have $6,000.00 saved. I work full time and I need to think about retirement…where do I start this late in the game.
Yes, I own a home (condo), I still owe about $105,000 on it.
Kaylynn
I’ve been divorced for 11 years, ex has done nothing to help raise the kids financially so consequently, all my money has gone to raise them, I’m still putting my youngest through college (she’s in her second year) They’re both grown now and it’s time for me…problem is I only have $6,000.00 saved. I work full time and I need to think about retirement…where do I start this late in the game.
Yes, I own a home (condo), I still owe about $105,000 on it.
Kaylynn
Comments on Where do I start with a retirement plan at age 49?
Gage
sharebuilders.com
Bernard
Are you a home owner? If not that is first priority. Also, all banks have finacial planners a FEW will consider your best interest and not their own. Consider starting an IRA (very common). Don’t carry car notes. If you do. Pay it off and drive it till it falls apart. Use the money toward retirement investment. Read a book called “Rich Dad Poor Dad” and put some of the info to use. Easy read and fun, true stories. Theres more but the other responses seem to have a handle on that.
Ari
I heard some good advice, I think it was on Oprah. Use the $6,000.00 you have now to start a retirement plan, and take out a loan for your youngest’s remaining tuition and other college expenses.
Then, if they’re good kids, they’ll pay you back for the money you at least put into college for them…
Check out Suze Orman. She’s got GREAT financial advice!
Gabriella
be a cop
Conor
Does your employer offer a 401K match?
THAT is truly free money–contribute as much to it as you can to take advantage of the match.
Invest your savings in an IRA—consult your bank for expert help.
49 is very late to be at this juncture—but you can still have a decent retirement if you sock away as much now as possible, and live very frugally to help it along.
You need some aggressive stocks, so you don’t WANT to monitor their progress, only once a year, maybe.
Good luck & God Bless…
Shaun
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Bria
Do you have a house already?