What is the best advice you can give to someone who is 63 years old with no retirement savings due to using money earned to raise family.
2006-12-25 13:19:58 · 6 answers · asked by sugar_n_spice 5 in Business & Finance ➔ Investing
You need increases to total savings. Total savings are equal to (your annual income+other people's contribution - annual spending)/yr * # of years. Thus your options include
1) getting it from other people ie your kids: tell them that the money for their college was a loan and when they are on their feet, they will need to pay that money back to you.
2) getting it from other people ie your parents: if they leave you an inheritance, then bank it.
3) take good care of your health so that you can live long enough to earn the retirement money that you need
4) increase your annual savings by earning more money yourself: ie working multiple jobs or getting a raise
5) increase your annual savings by earning more money yourself: ie by being creative and developing a money making hobby
6) reducing your current spending now.
At 63 it is too late to make money with speculative investments since you don't have enough time to recover if it goes bad. You must count on more sure approaches. Good luck
2006-12-25 13:50:57 · answer #1 · answered by Pelican 1 · 0⤊ 0⤋
Can you post some more information. Like, how much do you have to invest each month? The advice to start saving is excellent. Check out local savings accounts or series I savings bonds. Once you build up a small to medium size account, look into CD's or something a little more adventurous.
But, yes, start saving something, anything you can, today. That is as true at 63 as it is at 23 or 83. I think it was Einstein that said the greatest power on earth was compounding interest.
BW
2006-12-25 21:50:39 · answer #2 · answered by Bill W 3 · 0⤊ 0⤋
Save as much as you can
Expect to work till you die
make sure your kids are very happy with you.
2006-12-26 00:22:26 · answer #3 · answered by hogie0101 4 · 0⤊ 0⤋
Start saving immediately.
2006-12-25 21:36:35 · answer #4 · answered by Box815 3 · 0⤊ 0⤋
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2006-12-25 21:51:11 · answer #5 · answered by sil 3 · 0⤊ 0⤋
hey Sorry for all the previous answers.......I thought u were someone else........sorry
2006-12-27 14:22:19 · answer #6 · answered by Anonymous · 0⤊ 1⤋