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. Right now i have no money in savings.
2006-12-26 07:37:30 · 5 answers · asked by sugar_n_spice 5 in Business & Finance ➔ Investing
Well, the first thing you need to do is cut expenses as much as possible. This means cutting way back on any expenses that are not absolutely necessary. Going out to dinner at a restaurant should stop. Rather than exchanging gifts for Christmas and birthdays, do something different like - make your gift yourself. Next, you need to move to an area where the cost of living is very low, if you don't live there already.
Assuming that you are working, you need to start saving. At 63, at least of 63% of your savings should go to safe investments such as bonds, CD. I would put 80% into a bond fund, and 20% into an equity fund, such as a Vanguard s&p500 index fund.
If you want to take on a little risk, some of the 20% could go to individual stocks, but only if you are willing to put the time in to understanding something about the market. You might want to read "The Little Book that Beats the Market", and visit the site http://www.Top10Traders.com
Good luck!
2006-12-26 13:07:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That is not a very good situation to be in. I would recommend working as much as you can while you still can, and pouring every penny into a 401(k) or other retirement investment plan. Contact Social Security to see what your estimated monthly benefit is going to be (they send this info around every couple of years, too) and work out a budget to see how short you are going to be. At the age of 63 you do not have a lot of time to earn. If you can count on your family, now is the time to let them know that you're going to need money every month starting in a few years.
2006-12-26 07:57:28 · answer #2 · answered by dcgirl 7 · 1⤊ 1⤋
Live day by day as it's pretty much too late to plan ahead now.
Personally, I would get a part time job and just work until I die.
That way, you can have some free time but earn money to live as well.
Winning lotto would come in handy but what's the chances...
2006-12-26 08:37:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
work at least until 66 to get the full social security retirement benefits, save every penny you possible can while you work, and even after you actually retire hopefully you can live off a part time job and social security
2006-12-26 09:17:52 · answer #4 · answered by swenjj 4 · 0⤊ 1⤋
so u r old toooooo
hahahahahha
it keeps on getting better and better
thanks for 2 points
2006-12-27 06:19:42 · answer #5 · answered by Anonymous · 0⤊ 2⤋