Getting a late start on retirement? - AmericaNowNews.com

Getting a late start on retirement?

  • Getting a late start on retirement?More>>

  • Finance

    Should you delay retirement?

    Should you delay retirement?

    Financial advisors like our Money Expert Nathan Bachrach talk a lot about the upside of postponing your retirement a little bit, but not everybody's getting the message.
    Financial advisors like our Money Expert Nathan Bachrach talk a lot about the upside of postponing your retirement a little bit, but not everybody's getting the message.
  • Family

    How to practice retirement

    Not ready to retire? Practice makes perfect!

    If you're not ready for retirement, why not try practicing for it? Financial planners say it's a great way to ease into the golden years.
    If you're not ready for retirement, why not try practicing for it? Financial planners say it's a great way to ease into the golden years. 
  • Downsizing for retirement

    When saving for retirement, downsizing may help

    Deciding to downsize can be a very tough thing for aging baby boomers. They have probably paid off the house, they're still working, and they're trying to put off retirement for as long as possible so
    It's getting harder and harder for Americans to save money for retirement. Here are some tips that can help you downsize and live more within your means.
  • How to build a nest egg

    How to build a nest egg

    Nancy Camel retired young. She gave up the work-a-day world to shoot wildlife all over the country and in Mexico. "I had a good time. I played. And now I'm paying," says Nancy. She had to put aside full-time
    If you're banking on the stock market to afford a nice retirement, don't expect any guarantees. A few lifestyle changes may be necessary to build -- or rebuild -- a reliable nest egg.
  • Saving for college and retirement

    Saving for college and retirement at the same time

    Jane Ludwig and her husband needed some help figuring out how to fund competing financial goals. They want to save for retirement, but they also want to put their kids through a parochial school and hopefully
    Trying to plan for your retirement and send your kids to college at the same time? Here's some advice on how to save for both.
  • How to retire with a million bucks

    How to retire with a million bucks

    When Nicole Carmichael discovered she needs to bank a minimum of a million dollars for retirement, her reaction...well, it probably mirrors your own. "I guess I won't be retiring," Carmichael said. "I
    Do you think you could earn $1 million towards retirement in just ten years? If you think that goal is impossible, think again.
If you're in your 40's or 50's and haven't managed to save much for retirement, don't throw in the towel! You can do it - but it won't be easy.

When you're young, time is literally on your side, thanks to the beauty of compounding. When you get a late start, it isn't going to be as easy as eating out less often. 

You need to start saving at least 15-20% of your gross income - more would be better!

If you have high-interest credit card debt, tackle that first. 

Then, make sure you're maxing out contributions to your company's 401(k) plan. You're allowed - by law - to salt away up to $22,000 of your own contributions, if you'll be age 50 by the end of the year. Otherwise, the ceiling's set at $16,500. 

If you don't have a 401(k) plan through work, look into an IRA. If you don't have an employer pension plan and are at least 50, you can put away up to $6,000 pre-tax a year. 

Now for some tough love: You can't do this stuff if you're living paycheck to paycheck. If you are, you need to either spend less, or earn more. Think about a second job, maybe some part-time consulting, if you have the skills. Or think about downsizing.

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