Hi, Terry!

I am a single woman of 61 earning just $43000 per year working two jobs. My main retirement is through OPERS and I currently have $77000. I also have $11000 in CCAO retirement fund. I pay social security through my second job and will possibly get $600 per month when I retire at 67. Other than that, I have virtually no other savings. I have a 30-year mortgage that I recently refinanced to help lower the monthly payment. What else, if anything, can I do to help build my retirement fund?

Thanks for your help!

Terry Says:  Well, you’re doing all the right things.  The one thing you SHOULDNT do at this stage of life is take more risk!  And the next thing is to figure out how you can work longer, even if not at your present job, and re-consider retiring at age 67.  Actuarial studies show you will likely live another 20 years after age 67 — and you’ll need more money to do that.  But don’t despair.  The longer you work, the longer you can refrain from taking withdrawals beyond the required minimums, leaving your money a chance to continue growing.  And you’re in a lot better position than many people.

One thing you might consider is whether you will have your home mortgage paid off by the time you eventually retire.  If not, maybe this is a good time to downsize — because you can only get a mortgage when you have an income.  Paying off a mortgage on a condo or less expensive home would cost less — and maybe let you set aside more money for retirement. Think about it.

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