A Late-Starter's Guide to Saving for Retirement |
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By Gillette Edmunds
That dreaded question -- if you're like a lot of ThirdAgers, it forms like a knot in your stomach: Have I waited too long to start saving for retirement?
Have you panicked like Tracy A. and George B.? For George's 50th birthday they cashed out yet another IRA and went to Costa Rica for a week. Believing they would never save enough for retirement, they decided it didn't matter if they saved anything.
Or perhaps you're more like James C. At 60, he has very little savings, and he doesn't see how he will ever have any more. He plans to work until ill health stops him and then live whatever lifestyle Social Security and Medicare can provide. After all, 10 million American retirees live solely on Social Security and Medicare, don't they? The question for James, and anyone else who got a late start saving for retirement, is this: Do you really want to be one of them? Is this the best you can hope for?
Waiting until age 50 or 60 to save for retirement is late -- but not too late. So stop sweating out sleepless nights, and start saving. If you're serious about saving, what you do now CAN improve your future. Follow these steps to get on your way to a secure retirement.
Next: Step One, Set Goals >
Disclaimer: This information is for educational purposes only and is not intended as investment advice. All investors should consult a financial advisor before entering into any investment. Please see the ThirdAge Terms of Service.
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