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Middle Aged Man & Retirement?

I am 54 years old working as a museum guard with nothing saved for the future. Any advice? 

9 Answers

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  • 2 months ago
    Favorite Answer

    It's not too late to begin contributing to an IRA or 401K.  You should contribute as much as you possibly can afford.  If you contribute to an IRA, (find out which would be better for you by talking to a financial advisor--your bank may have one you can ask questions of--) a "regular" IRA or a "Roth" IRA.  On one you pay taxes up front so there will be no tax liability when you finally retire--on the other you will be taxed when you begin to use that money after retiring. 

    If you can't start an IRA or 401K, then start putting money into a savings account that you don't touch. Don't worry about the interest--it doesn't amount to very much. But if you can save $100 a month for the next 15 years, you'll have $18,000 at least saved up (not including any interest!) and that can see you through at least 5-6 months of no income. Don't take Social Security too early, either. The longer you work, the more your payout will be. AND you can earn up to $14,000 a year even while you're ON Social Security before you incur any taxes or reductions. 

    You should definitely talk to a financial advisor. Don't pay a bunch of money for this service before checking out your financial institution first--you can often get good advice for free. 

    What you should NOT do is throw money away that you don't have to. Drink tap water instead of bottled. If you pay for memberships in any organizations, consider terminating them (unless it's AARP--they're very useful.)  Get your cell phone plan payments down by using a cheaper carrier. Have your insurance--auto home and life--all looked at for savings you may be overlooking. Take advantage of your age-related discounts. Try to find "deals" everywhere you shop for anything you buy. Don't buy lottery tickets or invest in the stock market, and don't buy any "big ticket" items unless you pay cash for them. Stop using your credit cards or pay them off. If you own a home, it might be useful for you to look into a "reverse mortgage" WHEN you retire--(not before!) and if you have anything you can sell for cash, sell it. Then put all that savings into your account, your IRA or savings. 

    The best way to plan is to review first--see where your money goes, how much you spend and what you spend it on. Then cut down on what you really don't need. Saving isn't hard--but it does take a little work and it takes discipline. But don't get caught at age 65 or 66 without having done something first. Don't count on luck to get you through it. 

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  • Anonymous
    3 months ago

    Start saving now.  Plan to work until you're 70 and can collect maximum Social Security.  Be aware that the stock market is currently at an all-time high --- not the best time to buy in.

    You might be able to get a higher-paying job, since the job market is very good right now.

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  • Anonymous
    3 months ago

    Start saving now and plan to work until you're 67.

    • John
      Lv 5
      3 months agoReport

      The guy is a museum guard and wants to be on the fast track.

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  • John
    Lv 5
    3 months ago

    I retired at 58 (fired for sleeping on the job) and started taking early SSR at 62; I made a pile of money in the stock market. If you feel lucky play the market. My greatest windfall playing the market was $50,000 in one day which i amassed to $500,000.

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  • Yes, get a real job or plan on working until you die.

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  • Anonymous
    3 months ago

    Start soon.  Living on social security is pretty bad.  You might never be able to stop working.

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  • Judy
    Lv 7
    3 months ago

    Try to save something if you want to have any chance to ever retire. You won't likely be able to until long after 67, good luck

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  • 3 months ago

    Just work hard. Don't take a loan and remain steady. Retirement may not be an option, but you could hire a professional to deal with your money. That's what my parents did and they are fine. Ask them how to save money and stick to it, I try to put 10% of my money away each month and I never look back, so I will be prepared. If you try something similar then you could at least have something for emergencies and whatnot when you are getting into the 70's range.

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  • A.J.
    Lv 7
    3 months ago

    You can expect to work until you die. Many people are in that situation.

    In a hurry, work with a budget, begin retirement savings.

    If your retirement plan is a lottery ticket, good luck.

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