Real Answers for Life’s Money Challenges
Im 51 years old and dont have a large nest egg.
Im a single parent with three kids.
How much money should I be saving to be able to retire in my 70s?
Where should I invest that money?
-B.
Dear B.,
You still have 20 years to build your nest egg if all goes as planned.
But thats not uncommon.
I like that youre already planning to work longer to make up for a late start.
But heres my nagging concern: What if you cant work into your 70s?
Here are some easy and chill ways to make a little extra cash.
The unfortunate reality is that a lot of workers areforced to retire earlyfor a host of reasons.
So its essential to have a Plan B should you gotta leave the workforce earlier than youd hoped.
Retirement planning naturally comes with a ton of uncertainty.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Perhaps I can be more helpful if we work backward here.
you could set savings goals from there.
For the average worker,Social Security benefitswill replace about 40% of income.
That can make an enormous difference when youre lacking in savings.
So you need at least enough savings to cover 30%.
Once youve done that, make a run at max out yourRoth IRAcontribution.
Do that for 20 years and youd have a little more than $300,000.
The benefit to saving in a Roth IRA is that the money will be tax-free when you retire.
But that rule assumes youll be retired for 30 years.
Choosing what to invest in doesnt need to be complicated.
You may need to look at ways to earn additional income.
Could you use the summertime or at least one weekend day each week to make extra money?
I hate even suggesting that.
Anyone who teaches middle school truly deserves their time off.
But unfortunately, I cant change the fact that we underpay teachers.
I want a solution for you that doesnt involve working forever.
That may mean you have to work more now.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
Send your tricky money questions to[email protected].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
