How would you prepare for retirement if you are already 40 years old?

Answer 1

Starting to prepare for your retirement at 25 or 30 is much better than waiting until you're 40. However, even at that age, you'd still have over 20 years of a working career ahead of you and that's still a lot of years to feather your nest.

If your employer has something like a 401-k, by all means participate and contribute as much as you can. If he does not, look at other alternatives (IRA, Keogh). Those are retirement savings plans available in the US. If you live in another country, check with your employer, the government agency responsible for human services or a financial adviser. The key is to first knowing the different options, then pick one or more best suited to you and start implementing your plan.

Check out the links below for more details. By the way, you may want to add information on your country of residence so others can advise you accordingly.

Answer 2

in the journey that your pastime has a 401(ok) plan, make contributions a minimum of 10%. in the journey that your organization has a tournament, that's further loose money! this could be a complicated transition in case you at the instant are not presently contributing something, yet you could decide issues to diminish out, mutually with on a regular basis lattes, cigarettes, conveniences ingredients, etc. once you get will develop interior the destiny, case in point, a 5% enhance, particularly of spending greater, develop your deduction by skill of the quantity of the enhance, case in point, to fifteen%. beginning you could now have approximately 25 years to enable it your money develop earlier retirement, and by skill of benefitting from the time cost of money thought and getting pastime and dividends on your money, you will make it lots less difficult on your self to construct a cushty retirement for your self. that's a superb delight to work out your retirement balances develop over the years provided that money is yours which you have been waiting to place away.

Answer 3

Hi there,

If your mortgage rate is higher than the bank interest then definitely concentrate on paying off your mortgage.

By leaving money in the bank the interest is part of your income and you pay tax on it.

IN some countries in assessing your entitlement for a pension your home is not considered part of your assessable assets whereas money in the bank is and will affect your pension.

I suggest that you visit a financial planner who can advise you what is the best way to plan for your retirement.

regards Mike d

040712

Answer 4

Are you out of debt? If not, get out of debt, then fund a 3-6 month emergency fund. Then put 15% of your income in good, proven tracken mutual funds.

Full plan in the book: The Total Money Makeover by Ramsey

Answer 5

Do you already have a house?