Retirement for the Late Starter
Below are some tips from Dave Ramsey for people who haven’t started thinking about retirement. It’s a good read but, why not get working on Freeway to Success and build that residual income then you won’t have to worry about it? I think it’s an easier solution and a lot more fun…
Retirement tips for late starters…
Are you one of the millions of people who realized you started saving for retirement about 20 years too late?
If so, don’t lose your head and start freaking out.Here are 3 tips to help you:
DOWNSIZE YOUR LIFESTYLE It’s a safe bet that you’ll need about 85%of what you earned before retirement after you leave your job. If you buy that $5 latte every morning, or always wear the expensive, name-brand clothing, we’re talking to you. It’s time to get “gazelle intense” about paying off all your debts and living on less than you make.
PUT OFF RETIREMENT FOR TWO MORE YEARS The more you work, the more you save. According to the Center for Retirement Research at Boston College, most people who work just two more years past retirement age can lower the amount of savings needed by about 25 percent. Plus, the extra income won’t hurt anything!
START INVESTING IN MUTUAL FUNDS If you’re 40 and have zero dollars in your retirement account, don’t give up yet! By saving just $2,000 a year in a mutual fund averaging 12 percent, you will have $333,866 by age 65 or $425,714 if you wait til age 67! While you won’t have the most luxurious retirement, you can draw a decent yearly income from the interest by leaving that money alone. That’s roughly $48,000 a year!
If you’re a late starter you need to get moving right now,because time is your biggest enemy! (Dave Ramsey- LIA Magazine)
This article tells me it’s time to do something now whatever age you are…
Make it a Happy Day!
P.S. Don’t look back a year from now and regret that you didn’t get started today?