Ask Terry Questions Late start with Retirement savings

Late start with Retirement savings

By Terry Savage on October 02, 2017 | Financial Planning / Retirement

Hi Terry, I'm in my 50's and I have some cash in my 401 but nearly not enough to retire on. How can I give it a boost as far as my allocations go and other things I may possibly save too? I don't feel like I'm being as aggressive as I could be. Any suggestions?

Terry Says

Well, first thing is to save more in your 40l(k) -- especially if your employer matches some or all of your contributions. You get a tax deduction, and the money is taken out automatically.  That's your best opportunity to save longer.  And since you are in your early 50s, you want to invest mostly in the general stock funds in your plan -- and not "chicken out" when the market crashes next time.  It will come back! Then reconsider the idea of "retirement."  Lots of Americans are doing that.  Study your job future and consider creating a small business on the side to earn extra money (which you can save in an IRA).  That's something you can keep doing after retirement from your job.



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