When Its Too Late to Save for Retirement
You are 55 years old (or somewhere around
there) and your company is going to force you to
retire at 65. You have $35,000 saved in your
401K and that's all. The house will be paid for
by then so you will have a place to live. The
company pension will pay about $1,000/month and
so will Social Security. What will my life style
be like at that time? Let me give you a clue. You are going to need
just about as much as you are making now even
with the house paid for. If you are lucky you
might have health insurance with your pension,
but don't count on it. You hope Uncle Sam will
help out. But don't count on it. When that savings you have runs out maybe one
of your kids will let you and the misses have
the spare room. Scary, huh! Maybe one kid lives
in Minnesota where you can spend the summer and
the other in Florida where the winters will be
nice. But don't count on it. You might get lucky and buy one of those stocks
that skyrocket from $2.00 to $200. Those chances
are 1 in 100 and you don't have enough money to
be taking chances. But don't count on it. Whatever time you have left between now and
retirement you should start managing your assets
to have them grow and compound better than in
the past. If you continue to do what you have
done you are going to have the same results. It
is a choice between cat food and filet mignon. A better portfolio manager is not the answer.
Saving more will help, but you need to live
today. Having your house paid for is a huge
plus. A second job with all that income going to
savings makes sense ? if you can do it. One of the better solutions is starting a
business you can run from home. The Internet has
many offers. My caveat here is never send anyone
upfront money. It takes the Avon lady 3 to 5
years before she makes any money. There are many
legitimate small businesses like this that can
provide a second income, but you must invest
both time and effort and be persistent. You must
work it every day. Don't choose any business that requires a
substantial capital investment. If you have a
friend or relative that has a home-based
business you will want to spend time with him.
Even if you don't use that vehicle you can learn
plenty from that person. You local library has hundreds of books devoted
to helping folks start a business. The Internet
is a great source. Take time to investigate and
don't take anyone's word for their
pie-in-the-sky story. Always get references and
carefully check them. You want to talk to
someone who recently started in that business
about 6 months ago, another about a year before
and a third about 2 years prior. Maybe several
of each. Once you make the commitment you must
hit the ground running and don't stop. Either it
will work in a few months or it won't. Hard work
is the only way you will find out. It is not too late provided you start NOW. Al Thomas' best selling book, "If It Doesn't Go
Up, Don't Buy It!" has helped thousands of
people make money and keep their profits with his
simple 2-step method. Read the first chapter and
receive his market letter at http://www.mutualfundmagic.com
and discover why he's the man that Wall Street
does not want you to know. Copyright 2005
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