Investing for retirement
Terry. I appreciate your time. Listen on wgn to you. Im over 62 and dont have a lot of money saved to retire. No pension, but what can I do to safely make a decent amount for retirement with whats left-
About $15,500 left in old 401k. Had to use about 9000 for house repairs. I still work, hoping to for 2 to 4 years depend on health, for full SS benefit. My wife has a 4o1k type thing at her work about 5000.00 and growing. Shes only worked there about 5 years. We aren’t rich. About 55,000 to 60,000 per year combined. Shes 56. I tell myself we have more than some, but not enough saved. Dont know anything about types of investing so please be detailed. Thank you so much! I completely trust your opinion and professionalism. I look forward to your reply.
Terry Says
You are just a “regular” American — with some safety for retirement but not enough to quit working. I think you need to change your perspective more than change your investments.
First, I know that retiring at age 65 is the “old” American dream. But you should plan on earning at least some income until you’re in your seventies! That is true, unless you have a health condition, which you hinted at, that will significantly shorten your life span. But without that consideration, the actuarial statistics suggest you will live at least until y our late 70s — and that you will need to continue to work. Same thing with your wife. She should plan to work at least another decade until she qualifies for full benefits. And don’t take Social Security before your full retirement age.
I am not going to suggest any more stock market exposure at this point in your life. You can’t afford the risk of loss. What you should be doing is building savings — in a bank money market fund at first, and then transferring to slightly higher yielding but safe U. S. Treasury bills.
Enjoy every day. Tell yourself you’d be bored to death in retirement. Treat yourselves to a small, inexpensive vacation every year. And be grateful for your good health. It’s attitude that counts most in your life right now.
