Retirement Savings Strategies for Late Starters

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Of course you can get rich on earned income! It is the basis of most waelth in America. And you don't need to chase returns or take on exceptional risk to do so.
With forty years or more in the workforce, as long as you have plan to save, accumulating a million-dollar net worth is a no brainer!

tmgbooks.com of AZ 11:46AM February 18, 2011

I believe in investing and chasing returns. This is America, no one gets rich on wages. I follow the advice of a good friend who is over 80 who states "only invest an amount you can afford to lose." No employer is ever gonna make an employee rich you can bet on that....better to chose wise investments and do it yourself if possible.

California Dreamer of CA 11:55PM February 13, 2011

The article leaves you with more questions than answers. Were is real estate in all of this? I plan on having at least three rental properties helping support my retirement, along with odd jobs to help keep active. My 401k has turned to mush via the cooperate profit port hole and planning other venus of personal income has become a problematic quest. Can I win, maybe but options and stable income beyond 65 is looking bleak in this country.

Mac of OK 8:35AM June 11, 2010

Is this good way to save?

Aron of NY 11:35PM May 24, 2010

i have been using annuities for over 20 years and i have not had an issue and have been receving returns from 8% back when to 4.3% now so i have nothing wrong to say about them. Yes read the paperwork and make sure you know the investment, remember it is your money
Melody

Melody of PA 8:53AM May 24, 2010

I like your thinking!!! I agree. You have freedom as an american to do so much in this country. Some people are lazy and dont try to get better and look for hand outs. I think hard work and living within your means can bring a high quality of life.

tom arnold of MN 10:01PM May 15, 2010

Mike and Jazmin, thanks for the advice on variable annuites and universal life insurance. I have been hearing and reading some conflicting information on both and really was not sure how to proceed. I am going to do my homework and ask better questions. Thanks again!
Steve, you have made some excellent points and I agree with you 100%!! There is no reason for any of us to support someone that has the ability to learn, work, and improve their quality of life. I personally know of man in a wheel chair that makes six figures and he is doing just fine! We all have to stop making excuses and be accountable.

Nikki of GA 9:24PM May 15, 2010

Every time I read an article about "retirement", some so called "investment advisor" is touting how annuities are misused, abused, unsafe, and not appropriate or dangerous. This is far from the truth. The difference is that they fail to comment on the many Variable Annuity programs that have wonderful "living benefit" riders that provide real solutions to retirement income. I suggest that anyone having an interest in retirement planning contact a specialist in Variable Annuities and get the facts.

Mike of CA 2:47PM May 15, 2010

You are not "stuck" if you make less money, or haven't saved. Every one of these items is a decision or the result of decisions YOU have made- nobody else. Many of you who feel that you are stuck will stop reading here, because that's how you approach life.
Since you made your decisions, and some of you sound unhappy with the result- why not go to school for a profession that pays more, take a second job, or (heaven forbid) live well enough within your means to accomodate for savings.
Just don't say it's someone else's responsibility to pay for you. If you take a job waiting tables, and you are unable to save- there are libraries and study classes free that can put you on a path to a job which has higher qualifications, and rewards (or benefits).
That's what I did. Because I did it- I don't want your hand in my pocket. I know each of you can fend for yourselves unless disabled- and I know plenty of disabled people that work harder and compete harder than many so called able-bodied folks. It's all in your decisions.

Steve of NY 11:58AM May 13, 2010

The lack of education in finaces is what gets people in trouble. Find ways to have a tax free retirement. Im only in my 30's and have learned so much about finances working for a financial firm. I have taken my future in my hands and I save in vehicles that have gurantees and can double and income for life products. I am focus on paying down debt, mortgage, and save for kids college but I also save more than 500.00 amonth for retirement and about 300.00 for kids. How can I do that I work a second job and my goal is to retire at 60.. Im focus and my accounts have gurantees. I read this book that has re-affirmed everything I learned. Dont wait for anyone to take care of yourself. No one will but you... Not the goverment. Just look at social security and the issues and problems we are facing. You decide on your future..are you going to be the one retiring poor or comfortable.
look into tax free retirement. I dont want to put money into a vehicle lik 401K and delay taxes when I know for sure that taxes are going up every year of my life. Take control of your future...
Become a saver..... there are vehicle like Roth Ira , variable annuites who give you gurantees, Universal life ins. and variable universal life insurance. When you take money out taxt exempt.... Awesome....

Jazmin of AZ 11:50AM May 11, 2010