How to Catch Up if You Don’t Have Enough Retirement Savings
I’m like a lot of other baby boomers. One of the things I fear is that I didn’t start saving retirement money early enough. Did you know that more than two-thirds of U.S. workers say they and their spouses have saved less than $50,000 toward retirement, according to the Employee Benefit Research Institute.
Several books out there address this concern. One of the newest, The Last Chance Millionaire: It’s Not Too Late to Become Wealthy, by Douglas Andrew, claims you can catch up. He covers IRAs, compounding, credit card debt, refinancing mortgages, and a whole bunch of other topics. I wish I could reveal to you his secret to retiring wealthy, but then you wouldn’t go out and buy the book. And then Mr. Andrew would not retire wealthy, either.
Below is other catch-up advice. Some of it is the same old stuff. Some of it you may find useful:
Five Tips to Catch Up (from BusinessWeek.com)
What to do if you’re 55 and haven’t saved a dime (from MSN Money)
August 10th, 2007 at 9:27 am
I certainly qualify as one of the not-enough-saved folks. Thanks for the articles. I’ve printed them out and will seriously peruse them.
August 10th, 2007 at 12:02 pm
You mean it’s not by winning the lottery? I’ve been duped! I want my money back! I’ve been lied to!
Okay…sorry ’bout that. Lost it for a moment.
Oh BTW, I like the new look.
August 10th, 2007 at 12:18 pm
Yeah, that whole not saving for retirement stuff … that would be me. I can barely make ends meet as it is so have to rely on the small amount that I can invest in my 401K at work. However, I get the feeling that I shall be working until I’m 85 or so at the rate that’s not going! I shall have to check out those links.
August 10th, 2007 at 12:36 pm
I can’t believe it *rubs eyes in disbelief* I’m AHEAD of the curve? That’s a first. Wow.
August 10th, 2007 at 12:37 pm
Even still, I’m nervous that I’ll still be a secretary at 75.
August 10th, 2007 at 7:30 pm
Most of America fits into this equation and the worse the economy gets, the harder it is to save.
But we have to try. Good post.
August 11th, 2007 at 5:47 am
I gave up on a comfortable retirement long ago. None of this stuff works for my situation.
August 11th, 2007 at 9:30 am
Have never been able to save – do not have a pension – keep forgetting to buy a lottery ticket – can’t sell the children – will definitely have to read the book!
August 11th, 2007 at 9:30 am
I started late, but I can say you can catch up.
August 11th, 2007 at 9:31 am
Our most effective retirement investment by far is our house, which has accrued greatly in value since we bought it. Only problem with that is we’d have to sell in order to realize the benefit.
Ian
August 11th, 2007 at 11:28 am
Thanks for the tips!
August 11th, 2007 at 12:49 pm
I’m incredibly grateful every day that my husband started his 401K when he was 24; which I had pressured him to do because I thought it was a crime that he hadn’t begun his yet.
I don’t work anymore, but retirement is something I think about planning for now. (I’m 29) I’m very interested in going and getting the book – and good links btw too! All info on retiring wealthy is always appreciated!
August 11th, 2007 at 5:38 pm
Good tips in those links. DH and I are thinking about trying to retire earlyish and we have saved a good amount but only about half of what we need, according to Fidelity.com! However, if we count our actual necessities rather than the 85% of your current income as Fidelity advises, then we may be closer to it.
August 12th, 2007 at 7:03 am
I started late and then 9-11 really slowed down investment growth, but things are tracking well for the time being. This was a helpful post. Enjoy Tony Bennett. =)
August 12th, 2007 at 7:25 am
Thanks for the tips… I’m still trying to figure out just how much is enough.
But, you’re right, it’s never too late.
August 12th, 2007 at 9:40 am
I’ll write a book called: “What if your first husband was a gambler and you’ve been behind the 8-ball ever since?” And a sequel: “What if you’re 55 and don’t even have a dime to save because your last kid is in college and your ex was a gambler?”
This is somewhat exaggerated, but still . . .
The investment market looks tough these days, not a sure thing. Excuses, excuses. :>)
August 12th, 2007 at 12:09 pm
Yep, big problem in the UK too.
Biggest problem is that we’ve been promised since the 1940’s that we will be cared for “from cradle to grave” meaning that National Insurance contributions pay for our health treatment and our pensions.
HM Government is now trying to sidle out of the pensions responsibility but they are the only people who can handle issues like this on a fair and equitable basis, by all means save for extra money in retirement but a basic living pension across the board for all social levels is something that only central government can provide from taxation, its a fundimental requirement of government and they shouldn’t be allowed to back out of it.
I’ll get down off the stand now
August 12th, 2007 at 12:42 pm
Geez, I’m 38 and have NO retirement plan! Better pull my finger out!
August 12th, 2007 at 4:36 pm
G’day Rhea,
So it’s true what they say – “Dime and tide wait for no man”!
On another note, I want to post a reference to your St Agrippina post a few days ago, with a link to the specific post on your blog. But would you mind if I reproduced your photograph. Of course, the shot would carry a tagline saying it was reproduced with your permission.
Do let me know either way ….
Cheers
David
August 12th, 2007 at 6:55 pm
Thanks for the info – very very helpful!
August 12th, 2007 at 11:16 pm
Och. You’re going to make an adult of me yet.
August 14th, 2007 at 7:34 am
The MSN article was more helpful to me. Apparently I’m doing everything right now, but I’ve got a lot of catching up to do after living the majority of my life in minimum wage jobs and the last 18 years as a single mom. *sigh*
August 14th, 2007 at 6:52 pm
Thanks a lot for this. That is one of my huge fears… Having to keep workinmg because I can’t save enough to retire. I’ll look it up.