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My parents are almost 60 years old and have practically NOTHING saved for retirement
They have a house but still owe money on it. They are working on taking out all of their other debt but are still VERY worried about how they will retire
This is what I suggested to them:
They have a house but still owe money on it. They are working on taking out all of their other debt but are still VERY worried about how they will retire
This is what I suggested to them:
First thing I suggested to them was they should consider downsizing to a smaller home that they can pay cash for. Not only will they be able to save more now, but they will also have the added security of living in a PAID-FOR home once they do call it quits at work.
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As long as they’re healthy, they need to contribute as much as possible to retirement.
Luckily you can put up to $23,000 a year into 401(k) thanks to catch-up savings provisions.
They can also both contribute $6,500 EACH to their Roth IRAs.
THATS IMPORTANT!
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Luckily you can put up to $23,000 a year into 401(k) thanks to catch-up savings provisions.
They can also both contribute $6,500 EACH to their Roth IRAs.
THATS IMPORTANT!
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Working longer will give them time to build up their savings and will reduce the number of years they’ll need to live off of their savings.
Once they do retire from full-time work, income from a part-time job can stretch their retirement dollars even further.
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Once they do retire from full-time work, income from a part-time job can stretch their retirement dollars even further.
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Social Security is a sorry excuse for a retirement nest yet millions of people have only that.
In the off chance that the fund is still available when you retire—great!
However my parents are planning not to rely on it so that they won’t miss it if it’s gone.
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In the off chance that the fund is still available when you retire—great!
However my parents are planning not to rely on it so that they won’t miss it if it’s gone.
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Also If they can delay taking Social Security until they’re 70, they’ll maximize their monthly payments. For example, a 62-year-old retiring this year could receive a maximum monthly benefit of $1,992, but a 70-year-old retiring this year could receive $3,425 a month.
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If my parents can max out their retirement savings options, they could have more than $250,000 set aside for retirement by the time my dad turns 70.
This money is extremely important for them to invest wisely so that it can support them for the next 20–30 years.
#teachthem
This money is extremely important for them to invest wisely so that it can support them for the next 20–30 years.
#teachthem
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ITS COMPLETELY FREE!!!!!!!
Just give us an email to shoot the link to!
Check it out: https://the-financial-philanthropist.ck.page/7aaeaa22fd
