Retirement?
My husband and I are 51 and 43 respectfully. My husband has no 401k at his work. He says that they had a rep come in a couple of years ago to assist the employees in investing and that he has $10.00 a week that gets invested with no company match. This is not making any profit. I am on disability but am going to school to become employable, so I do plan on bringing in income later. My question is, does anyone know how to best plan for our retirement this late in life? Since we are getting by (just) on my disability and my husbands income, I hope to save a lot when I begin working.
Public Comments
- You need to put additional savings away, and I mean like start tomorrow. When you begin to work you will have some additional outgo to pay for proper clothing and transportation and meals. Don't count of a whole lot of money to be put away. As your savings grow take some out and buy CDs, the longest maturing ones at first, then as you get older shorter maturing ones. I don't think that $10 is doing you much good and if you have had no increase in it than it might as well be in your pocket as theirs. Especially if they will charge you fees. I hope you have some sort of pension plan, or will get one where you plan to be working. More importantly don't really plan to retire, see if you or your husband can develop a secondary career to keep you going, and of course make sure you aren't carrying debt into retirement and that your mortgage is going to be paid by the time you retire. You only have twelve years, and that's not much time, but you need to have it liquid too as it doesn't sound like there is a whole lot of money we are speaking of as present income.
