How can I get wealthy enough to retire by 55?

I am currently 38, married, with a joint income of 68000/year. I do not have any kind of retirement set up, where do I start?

Public Comments

1. Hey Maybe u should read "Rich Dad poor Dad" It has a lot of tips for that
2. I think you should read about two great people: Suze Orman and Dave Ramsey....
3. You need to start contributing 10% to your 401(k) if there is one offered at your (and your spouses) work. This is the max that can be contributed. The 401(k) is pre-tax, so you will have to pay taxes on it when you withdraw. Another good idea would be to start contributing to a Roth IRA. With your joint income levels, you are still allowed to contribute (the max income level to be eligible for a Roth IRA is $150,000). You and your spouse can each contribute $4,000 a year to a Roth IRA. This is after-tax dollars, so you can withdraw these funds when you retire without having to pay taxes on it. Both the 401(k) and the Roth IRA invest in mutual funds to help minimize your risk by spreading your investments over many stocks instead of one single company. You can easily set of Roth IRAs at many banks and even have the money automatically deposited from you checking account each month.
4. It's never too late to start a pension. Have a listen to this podcast: http://www.fool.co.uk/money-talk/retirement-pensions/2008/01/23/its-never-too-late-to-start-your-pension.aspx Or read this: http://www.fool.co.uk/news/retirement-pensions/2007/12/14/pensions-five-top-tips-for-late-starters.aspx The key is to start saving as soon as possible, and as much as possible. Work out how much you'll need to live on as a pension and then you can go about calculating the total savings you'll need to buy an annuity to provide that. Does your employer provide a pension scheme? If so, ask them for some advice on the level of pension income you can expect if you sign up now, and whether you can contribute more to buy additional years.
5. set up a 401k place 5% in it per week 3,400x 17 = 57,800 that is if the 401 plan did not generate any $$ if you do a simple mid line you should see a return of about 112,000 that will get you about 600$/month but if you extend that to 62 you will generate about 1400/mo if you can afford 10% that would be even better. At 38 do not dabble to much in high risk you wont have enough time to make it up. other options long term CD's get you about 5% on a 1000/year 50x17=850 talk with a finacial advisor. Plus there are a TON of books out there that will assist you in making a correct decision - remeber overnight success is reserved for the few lucky people and late night infomercials.
6. Start by reading "Investing For Dummies", a great starter book. Does your employer offer a 401(k) or similar plan? If so, start participating. Also start a Roth IRA.
7. Just visit http://www.savingsaccount.tk open account with easy-forex fund your account sufficiently .Then download forex-killer software.Generate signals.Use it to make tons of dollars.Ok?