I just turned 37 and am beginning to get a little concerned about ever being able to retire. The people I have talked to keep telling me I won't be able to rely on Social Security and I don't have a 401k at work. I know I should start planning now but I'm not sure how much to plan for. Helpful pointers would be appreciated.
I hope I don't offend you when I say you need to be more than "a little concerned" about your retirement. If you don't have a 401k, a pension plan, or some other retirement plan besides Social Security you could end up in BIG trouble. Even if Social Security is still around by then it is only designed to replace about a third of your income. You might want to private message the Debt Doctor.
But at the same time it's not too late - I'm 45 and I still see hope. Either talk to the Debt Doctor or a financial planner in your area and figure out what you need to tuck away each month in order to retire. First step as we all should know by now is to get out from under this damn credit card debt. I'm about 12 months into the program and have another year to go.
I just turned 37 and am beginning to get a little concerned about ever being able to retire. The people I have talked to keep telling me I won't be able to rely on Social Security and I don't have a 401k at work. I know I should start planning now but I'm not sure how much to plan for. Helpful pointers would be appreciated.
Hi Anxious,
You have good reason to be concerned but don't be discouraged. There are several things you can do even though you do not have a 401(k) at work. A 401(k) is just one of many retirement vehicles. There are other tax advantaged programs you may be eligible for such as a Simplified Employee Pension (SEP) a Keogh account, IRA's, etc.
As Dale_M mentioned you can contact me (just click on the link above my avatar, or contact a financial planner in your area. It's not too late to start building your retirement plan, however the sooner you start the better. Even a 5 year delay can have as much as a 30% reduction in the total nest egg you accumulate.
Do you think social security will be done away with? I'm 43 and lot's of people seem to think it won't be aroud by the time I retire.
If I were a betting man I would say that the odds of social security surviving more than 10 to 15 years are slim at best. Right now the program is being funded by baby boomers who will all reach retirement age during that time. When the baby boomers retire there will actually be more people collecting than paying into the fund. I can't imagine any system that can't fund itself surviving. In fact, the bailouts that we see today would pale in comparison to what would be needed to keep social security afloat. My advise is hope for the best but plan for the worst.
