2007-10-24 14:00:30 · 7 answers · asked by William M 1 in Business & Finance ➔ Personal Finance
Well your big worry is that you will run out of money and have to go live with your children or someone. Your best bet is to Delay your social security. Every year you delay your retirement past age 62 you will get a 8% increase on your benefit. That is a 8% return guaanteed. You can actually delay your social security all the way to 70. This will give you a larger check for the rest of your life and if you are married a larger check for your wife also.
Your next goal should be to set all the money you can in a tradional ira. I would reccommened a tradional ira since you will most likely be at a lower tax bracket in retirement then you are at right now.
2007-10-24 16:04:45 · answer #1 · answered by Greg R 2 · 1⤊ 0⤋
Wow! If you did not prepare for what you knew the future held for all these years, you have problems. The best you can do now is continue working and put the maximum amount away every year in an IRA, which hopefully will gain more than stashing it in a bank account. If nothing else, put it in dividend paying blue chip stocks, such as AT&T, Exxon, Verizon, Altria, and there are more. Even Bank of America is paying 5%, though the stock is down, but won't be down forever.
2007-10-24 21:12:42 · answer #2 · answered by Mr. Prefect 6 · 0⤊ 1⤋
Maximize your 401K contribution to at least the percentage that your company matches. Then, I like Roth IRAs because the earnings are not taxed. For the 2008 Tax Year you can contribute up to $5,000 for the year and because of your age, the IRS will allow you to contribute an extra $1,000 in "catch-up," money.
But, your social security payout will be calculated by an average of your salary for the last few years so, try to maximize your salary so when you can start collecting social security, it will be the greatest amount possible.
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2007-10-24 21:12:00 · answer #3 · answered by anonimitie 7 · 0⤊ 1⤋
Don't mean to sound glib but really the best option is to keep working and put away as much as you possibly can, See a retirement investment counselor - not one who sells anything but who works for a flat fee.
2007-10-24 21:09:30 · answer #4 · answered by John C 4 · 1⤊ 1⤋
You simply CAN NOT retire. You need to invest at least 10 times your annual spending in order to retire safely.
2007-10-24 22:57:32 · answer #5 · answered by STEVEN F 7 · 0⤊ 1⤋
go find yourself a hot rich wife who doesn't mind if you stop working and play golf all day. Other than that, you're pretty much screwed.
2007-10-24 21:30:27 · answer #6 · answered by Anonymous · 0⤊ 1⤋
JUST GET BY WITH WHAT YOU GET. BEFORE THE GOV. DOES AWAY WITH SS
2007-10-24 21:04:43 · answer #7 · answered by joes_mom86 5 · 0⤊ 2⤋