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Planning for retirement when you are 50 is possible, although a bigger challenge than if you started at age 40.
Firstly, start a monthly contribution to your 401k (if you have one) and take advantage of any matching that your employer offers. Also, a Roth IRA should be considered.
Assuming you don't have a defined pension, you will have to make regular contributions at a fairly substantial pace. A full-time financial planner will offer you the best advice from this Forum. That is, a person that works with clients such as yourself and reviews their specific budget and financial picture.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How to plan for retirement when you are 50? First thing is look at your debt, is there anything you will be carrying into retirement? Is there anything you can rid yourself of in the next few years? At 50, if you're just getting started planning for retirement you will have to change your ways considerably because you're getting what amounts to a late start. Look at where and how you spend money.
Then if you haven't done so, take a portion of your income and start setting it aside for the future. There are many qualified plans you can use that are either employer sponsored or individual planned. Find one, start using one. What you've lost at 50 is time. Time is very hard to replace, it requires disipline and consistentcy. Both are possible at 50.
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Firstly, start a monthly contribution to your 401k (if you have one) and take advantage of any matching that your employer offers. Also, a Roth IRA should be considered.
Assuming you don't have a defined pension, you will have to make regular contributions at a fairly substantial pace. A full-time financial planner will offer you the best advice from this Forum. That is, a person that works with clients such as yourself and reviews their specific budget and financial picture.
Then if you haven't done so, take a portion of your income and start setting it aside for the future. There are many qualified plans you can use that are either employer sponsored or individual planned. Find one, start using one. What you've lost at 50 is time. Time is very hard to replace, it requires disipline and consistentcy. Both are possible at 50.