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Old 08-14-2007, 07:10 PM
 
Location: Chicago
21 posts, read 189,474 times
Reputation: 35

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Quote:
Originally Posted by jkwing View Post
Ok, I have myself in a bad spot. I never learned the lesson of saving, I have never worked for a company who had a retirement plan. They did have 401K, but I would put in then take out and never managed to get anything going. So Now I am 49 yo, my wife is 52 we are looking at retirement in 10 to 15 years.
How will we ever have any money. Maybe just have SS and have to live off of that.
Any idea how we could jump start our situation. By the way we currently work and have an income in the 90k range, but have bills to match , so have little to no money to save each month
Stop spending on nonsense and start saving everything you can. Realize one thing, it is YOUR responsibilty to plan, no one else's. If that doesn't sink in, then plan on working until you die.
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Old 08-15-2007, 08:14 AM
 
Location: in drifts of snow wherever you go
2,493 posts, read 3,289,521 times
Reputation: 692
Quote:
Originally Posted by jkwing View Post
Ok, I have myself in a bad spot. I never learned the lesson of saving, I have never worked for a company who had a retirement plan. They did have 401K, but I would put in then take out and never managed to get anything going. So Now I am 49 yo, my wife is 52 we are looking at retirement in 10 to 15 years.
How will we ever have any money. Maybe just have SS and have to live off of that.
Any idea how we could jump start our situation. By the way we currently work and have an income in the 90k range, but have bills to match , so have little to no money to save each month
You are not alone! You still have some time to save. I suggest putting the Max into your Roth IRA every year. You can set up an account via Vanguard online. They are excellent with a very low expense ratio. As you add money, keep investing into a good index fund such as the Vanguard 500.

Do you own your own home?

greenie
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Old 08-15-2007, 03:05 PM
 
Location: Northern California
3,685 posts, read 13,180,320 times
Reputation: 1835
You need to start putting money away in an IRA and 401k plan now and DON'T touch it until you are retired. Also pay off the credit cards and stop using them except for emergencies. You can also cut back on other things you really don't need such as $4 Starbuck coffee and $7/gal bottled water. Don't count on SS to amount to much when you retire. You need to start saving NOW, otherwise retirement will be a cold and lonely place.
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