Can a 58 year old woman save enough money to retire by 70?

Answer 1

That really depends on the kind of risk you're willing to take. Generally speaking, the greater the risk of the investment, the greater the potential returns. Most retirement plans are fairly low-risk investments, which require that you begin investing very early on in order to see any kind of substantial return. But if you're willing to take part in some more high-risk ventures, you can see a return as early as one year.

Speak with a financial planner for more information, becuase quite frankly I hate anything related to accounting and have only a base level of education in that field. Primerica is a good company to get started in, but if you're desperate, you can talk to your bank too. (Banks are actually a last resort option, becuase they are most likely to recommend investments that involve a lot of profit for them, with minimal returns for you.)

Answer 2

You will not be able to come close to what a person who has been saving since they were in their 20's has, but you need to save whatever you can.

This depends on how much do you have and how much will you need and what do you mean by retire. Do you have any savings? Do you own a house? How much debt do you have? What other assets do you have? Do you have a pension or some other form of passive income? How much money do you spend in a year? Can you reduce that? How much do you think you will need to live another 20 years(at least)? Do you plan on stopping working entirely at 70? Do you plan to change jobs at 70 and start to do something that you like more but pays less? Do you plan to work at all after 70?

If you have not saved a dime at 58, then you will not be able to completely retire at 70 barring a lottery winning or a miracle of some sort. However, you should try to save as much money as you can between now and then. Imagine if you could go back and be yourself at 20. You would start saving like crazy. Now imagine you are 70 and have nothing but have a chance to go back to age 58. Imagine what you would do in that scenario.

Answer 3

If you can afford it, then i would put the maximum amount of your paycheck you can into 401k until you retire. It really depends on how much you make, but it will be tight. If you plan your finances right, though, I think you will be able to save quite a bit of money.

Answer 4

I sure hope so , because I'm not too far off from that scenario.

It all depends: what savings, how much earning now, what level of living do you want? Lots of questions.

The short answer is, yes, but it will have to be one of the biggest "bills" you pay every month,

Answer 5

Depends on how much you can save. Or how much you can invest on retirment IRAs, CDs, etc. Call a financial advisor. If you ahve insurance of any kind, they can assist you. good luck! Happy retirement! :)

Answer 6

Do you have a Roth IRA? If not, open one and start contributing the maximum amount allowed. Beyond that, invest all you can into mutual funds. Pay off any debt if you can.

Answer 7

Of course you can. You just have to get busy earning and investing, find out everywhere in your life you can cut costs. Figure out other sources of income and have at it. Without knowing your financial details, no one can create a specific plan for you

Answer 8

Depends on how much she makes and how deep she can cut her expenses. With Soc Sec probably can exist though not in great style.

Answer 9

in 12 ys, yup. depends on how much you earn. if its above$100k, hell yeahhhhhh

Answer 10

No!