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Retirement Advice for Real People?
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Budget & Savings
Retirement Advice for Real People?
<font size="1"><div>Saving money is easier than you might think with a little ecouragement from fellow savers on a budget. Learn how to save for long or short term goals. Who knows a money saving expert might even pop in every once in a while.</div></font>
Where can I find good solid advice about retirement planning for me? I am a real person. I am 54 years old, never married, female. I make pretty good money but it is certainly not si
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Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:f80ddd14-505a-4bab-8d65-8444c1068885Discussion:0e76f5ed-3a6d-4b43-a0d5-c69ec47614dc
Forums » Money » Budget & Savings » Retirement Advice for Real People?
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Retirement Advice for Real People?
posted at June 17, 2012 3:33 PM EDT
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Posts: 1
First: June 17, 2012 Last: June 17, 2012 |
Where can I find good solid advice about retirement planning for me? I am a real person. I am 54 years old, never married, female. I make pretty good money but it is certainly not six-figures. I don't have a husband with a pension plan or 401K who will be joining me in my golden years. Almost all advice on retiring available is not only geared toward couples but toward professional couples who have made more than the average person ever earns. There are any number of people like myself who need this information. I think that there are many more in my position than not but all the financial advice seems to be for others. Where can I find good, helpful information? I have to wonder if more people don't plan for retirement because they can't find what they need to know. |
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Re: Retirement Advice for Real People?
posted at June 17, 2012 4:42 PM EDT
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Posts: 1924
First: November 27, 2011 Last: May 31, 2013 |
In Response to Retirement Advice for Real People?: Where can I find good solid advice about retirement planning for me? I am a real person. I am 54 years old, never married, female. I make pretty good money but it is certainly not six-figures. I don't have a husband with a pension plan or 401K who will be joining me in my golden years. Almost all advice on retiring available is not only geared toward couples but toward professional couples who have made more than the average person ever earns. There are any number of people like myself who need this information. I think that there are many more in my position than not but all the financial advice seems to be for others. Where can I find good, helpful information? I have to wonder if more people don't plan for retirement because they can't find what they need to know. Posted by sparker50 Savings are only tied to couples if they are married because usually it is a couples decision as to how to save. If they both work outside the home, they may each have their separate 401K plans. OR they can save as individuals. Here is one source: National Association of Personal Financial Advisors (NAPFA) OR You can get various prospectuses from Vangard or Fidelity (the low cost mutual funds) and invest for yourself into various funds.You can start saving today by opening up an IRA (Individual Retirement Acccount) account at a bank, a mutual fund company, etc. Contributions are tax deferred. OR You can set up a ROTH-IRA account at any of the same financial institutions - Roth IRA contributions are NOT tax-deferred but their earning grow tax free. You can even SAVE for retirement without the fancy (tax) instruments - You just start saving on a regular basis and let it grow - if you want to play it safe (less risk of your principal and earnings), you will be restricted as to where to put the funds and with less risk comes lower returns (and vice versa). I've never had anybody or any entity doing it for me. Opened my 1st IRA at a bank in 1981 (the 1st year available). I've also saved outside of my retirement accounts. I invested in DRIPs (Dividend Reimvestment Plans) many years ago and made it a habit of doing it monthly. Good Companies - of course, I will pay capital gains taxes when I sell my shares. Now I invest in the same type dividend paying company stocks through a Vanguard mutual fund with this type of companies. You can invest in mutual funds that have a "targeted retirement date fund". OR a fund that is balanced or one that is geared to income, or geared to growth. Of course, unless you go with an investment that is government backed (insured) like the FDIC insurance on Certificate of Deposit, you can lose principal - So you must decide whether you can live with some risk for better returns OR if you have to have safety and will accept lower returns. AARP (sponsors) will even try to sell you an annuity (DON"T !). You have a brain and if you have some savings, you have a beginning. START TODAY!!! |
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Re: Retirement Advice for Real People?
posted at June 17, 2012 5:30 PM EDT
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Posts: 12549
First: February 29, 2008 Last: June 16, 2013 |
In Response to Retirement Advice for Real People?: Where can I find good solid advice about retirement planning for me? I am a real person. I am 54 years old, never married, female. I make pretty good money but it is certainly not six-figures. I don't have a husband with a pension plan or 401K who will be joining me in my golden years. Almost all advice on retiring available is not only geared toward couples but toward professional couples who have made more than the average person ever earns. There are any number of people like myself who need this information. I think that there are many more in my position than not but all the financial advice seems to be for others. Where can I find good, helpful information? I have to wonder if more people don't plan for retirement because they can't find what they need to know. Posted by sparker50 I tried other avenues but found that I was my best resource after all. It takes a lot of reading, investigating and picking one of the top investment firms firms that are still solid but steer away from banks. . Things have drastically changed where I never felt that I would be out of work for any length of time but today....no one can be 100% certain of their job. Pension plans have since the early 2000's been forced into risky investments by low interest rates , including individuals, institutional investors, and state and private pension funds, with no reasonable cash flow cushion for downturns in asset values (such as investing in CDs' or treasuries as a cushion) . It threatens our entire financial system. This is a difficult time for seniors who did rely on supplemental interest income they aren't getting for over a decade now....and some are depleting their principle amounts pretty fast. Plus, medical expenses and necessary drugs can make you bankrupt in no time because we don't have a One Payer system for all. . I know all this sounds pretty awful and scary .....but that's the way it is. But you have to live as though better days are coming if you are only 54....because I hope people won't stand for having the top steal all the wealth and make policies that only benefit them. Always remember no one cares about your money more than you do. |
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Re: Retirement Advice for Real People?
posted at June 18, 2012 8:21 PM EDT
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Posts: 22
First: November 23, 2009 Last: February 2, 2013 |
Stash as much money as you can spare in a mix of investments. Mutual funds of various types are good because they spread your money into a number of different companies within the fund. Don't panic and sell when something dips a bit. We left most of ours where they were through the recession and they are coming back up. Some bond funds are important for the mix. Some tax-deferrred IRA's and some Roth IRA's. The important thing is to tighten your belt a bit, forego some luxuries and invest the money--as much as you can. When you retire, plan to take out only 4% so as not to deplete the principle. If that sounds like not enough to live on, you know now why you have to save all you can now. |
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Re: Retirement Advice for Real People?
posted at August 24, 2012 11:47 AM EDT
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Posts: 2
First: July 20, 2012 Last: August 24, 2012 |
I think that a lot of the posts have contained really good information. You are out on the limb my yourself, however, if you have a spouse you may have more income, however, you also have another variable to account for. How long will he/she live? So many of the investment ads make it sound so easy. Just invest with us and don't worry. We are approaching our mid 70s and every thing that was being touted 15 years ago is now out of vague. We have gone through the "lost decade" whihc is now almost 13 years long regarding Stock appreciation. A conservative return on investment in the late 1990s was 5 to 7 percent. Today junk bonds is the onlything over 2%. Health is a wild card and gets more complicated every year. Therefore to repeat some of the best advice: The important thing is to tighten your belt a bit, forego some luxuries and invest the money--as much as you can Stash as much money as you can spare in a mix of investments I tried other avenues but found that I was my best resource after all Stay on top of it, don't worry too much and have faith in yourself. Life does go on. |
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Re: Retirement Advice for Real People?
posted at August 24, 2012 11:50 AM EDT
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Posts: 2
First: August 24, 2012 Last: August 24, 2012 |
In Response to Retirement Advice for Real People?: Where can I find good solid advice about retirement planning for me? I am a real person. I am 54 years old, never married, female. I make pretty good money but it is certainly not six-figures. I don't have a husband with a pension plan or 401K who will be joining me in my golden years. Almost all advice on retiring available is not only geared toward couples but toward professional couples who have made more than the average person ever earns. There are any number of people like myself who need this information. I think that there are many more in my position than not but all the financial advice seems to be for others. Where can I find good, helpful information? I have to wonder if more people don't plan for retirement because they can't find what they need to know. Posted by sparker50 I subscribe to Money and Kiplinger magazines. Every story may not apply to me, but they do cover saving strategies, investing strategies, and even do investor profiles. They range from young single college graduate to seniors. My only two cents is to save as much as you can. Can vanguard and t rowe price and chat with their customer service departments. Once you built up a big sum (over $100,000), then you can start taking on some more risk. |
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Re: Retirement Advice for Real People?
posted at August 24, 2012 4:26 PM EDT
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Posts: 3
First: August 24, 2012 Last: August 24, 2012 |
While she's something of a controversial figure, I think Suzie Orman has some good down-to-earth suggestions and advice regarding investing, regardless of your current situation. I don't always agree with her, but I believe her online resources are worth a look: http://www.suzeorman.com/ Best wishes to all who need this kind of assistance.
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Re: Retirement Advice for Real People?
posted at August 29, 2012 1:09 PM EDT
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Posts: 60
First: May 26, 2012 Last: May 26, 2013 |
A lot of circumstances that used to apply changed very, very quickly with the Crash that happened under the Bush Administration. So be very cautious about where you put the assets you will need upon retirement. For normal people in normal circumstances....whatever that is....I offer the following: 1. You MUST save the maximum you can tolerate out of the income you have.....YOU MUST!...There is no alternative. 2. You MUST find a repository for your savings that pays at least the percentage of annual inflation plus a little more for the pot. Calculate this carefully and then keep track of what is going on with the pot. Don't leave it to others to do. 3. You MUST consider eventual tax bites when you think you will need funds. That's really iffy....because it will depend on your income and rates of taxation in place at the time. Consider tax-free instruments. Consider limiting withdrawals from taxable accounts to stay out of tax range. Where type of investment offers reduced tax, pull a Romney. What is good for General Bullmoose, sometimes is good for the Nation. IF you can do it at all, of course. 4. You MUST evaluate where you will live when you do not work and generate income. Cheap is better....find it. |
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Re: Retirement Advice for Real People?
posted at August 29, 2012 2:39 PM EDT
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Posts: 1
First: August 29, 2012 Last: August 29, 2012 |
Hi, have you checked AARP's retirement planning tools and resources? Here are some good links to get started with: Also, AARP is sponsoring a free Retirement Readiness webinar Thurs. Aug. 30 at 7 p.m. ET. Here is a link to learn more and register: http://aarp.us/Q1s2qd (please feel free to spread the word; all are welcome)
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Forums » Money » Budget & Savings » Retirement Advice for Real People?
