Comments on: Saving for Retirement – When Is “Late,” TOO Late?

By: Cherion

Cherion — Mon, 17 Dec 2018 01:52:47 +0000

Just turned 60( yikes hard to say). Didn’t start saving until age 47 when ING offered me 40.00 to open a account. And yes l still take advantage of bank offers to pay me but it goes to savings. I m self employed and no 401k but l did make 800.00 from stocks now in savings. I save 20.00 each day of work Mon thru Thurs that l work and 5.00 on Friday. No matter how much l make. All my Saturday earnings goes to savings. I have opened many CDs at even 5 per cent rate all savings. I put any unexpected money such as gifts tax returns refunds on mortage class action checks to savings. I have coin bucket that l cash in twice a year. I have put 5O.O0 per month in a account. I have almost all credit cards paid and hope to keep it that way. I keep expenses low and look for deals. I even donate plasma but that has been for car and home repairs. I plan to wait to age 70 for social security. By doing all this l now have $102,000. It has taken me 12 years and 10 more before targeted retirement date. I hope to stay in good shape so l can work some for awhile post retirement age 70. I agree with young wise person who says start with a dollar. I did with 40.00 you get creative as you go along.

By: Glenis

Glenis — Sun, 29 Jul 2012 21:29:18 +0000

Jeff, all good points you make here. I see my kids struggle in this poor economy but I have to think to myself, as you say, the latest iphone is not a necessity. Saving more to catch up IS a necessity. Thank you, Glenis

By: Roy

Roy — Thu, 26 Jul 2012 04:46:51 +0000

Let me comment on this, having been retired now for a whole 7 months.

1. It is retirement, not working life. Your expenses are a whole lot less. Fewer clothes, no commute. I hope you have several hobbies.

2. Savings ain’t worth a crap, an investment that returns you decent CASH is wonderful! Forget the CD’s & Bonds for now.
A portfolio of decent dividend paying stocks, and mREITS helps beat the 2% blues. Start early buying those BIG blue chips.
A DRIP savings idea works very well.

3. The company 401K is only worth a dam if there is a match (free money).

4. If no 401K start a ROTH plan to accumulate the cash. The government doesn’t help us much, and in fact may be your enemy, or enema. Start early, and keep it away from your uncle in Washington. That SOB will take it away, or corrupt it through his minions if he is able.

5. As for the number, do as much as you can. Whoever heard of a retiree with TOO MUCH money. I’ve never met one.
Start the earliest you can, especially when you “can’t afford it.” Truth is, you will NEVER be able to afford it. Just do it anyway.
The trick question is how long will you live? Unknown, but you D?O control when you might end it. Few do, but you do have that option.

Living Comfortable thus far in WI. PS send rain, we need that more than anything else right now!!

By: Deacon@WellKeptWallet

Deacon@WellKeptWallet — Wed, 25 Jul 2012 16:48:44 +0000

I agree. It is never too late. It really just takes making a game-plan and having the will to see it through!

By: Roxie Ruehl

Roxie Ruehl — Wed, 25 Jul 2012 10:27:22 +0000

This is Saving for Retirement in Plain English. … learned early in life that saving a little bit of money over a long time can make sure they retire comfortably.

By: Danielle

Danielle — Tue, 24 Jul 2012 18:53:26 +0000

Great Article. I hope more people understand how much easier it is when you start young!

By: Robert Henderson

Robert Henderson — Tue, 24 Jul 2012 14:03:29 +0000

Good info Jeff. One of the things I always remind clients is that one of the biggest returns they can get if they are “late to the game” is working longer. It benefits you three-fold: (1) more years of working gives you more years to save, (2) you now have fewer years you need to finance a retirement for, and (3) you can put off filing for Social Security benefits until you are older, and your benefits have risen significantly.

By: Adam

Adam — Mon, 23 Jul 2012 18:33:28 +0000

Great Article! Words like these keep me motivated. Thanks!

By: Lance@MoneyLife&More

Lance@MoneyLife&More — Mon, 23 Jul 2012 16:17:56 +0000

I am glad I am saving now in my twenties but I agree it is never too late. Also, no amount is too small to start. Saving just one dollar is a better start than spending it because everyone has to start somewhere.