Read This If You Cant Possibly Save Enough for Retirement
Its relatively easy to save for retirement when youre still young. Five thousand dollars set aside for a new baby grows to an amount that generates over a $100,000 a year in current-day dollars if the money earns 12 percent annually and inflation runs at 3 percent.
NOTEThe data is a little sketchy, but small-company stocks probably deliver average returns of around 12 to 13 percent over long periods of time. Small-company stocks are, however, very risky over shorter periods of time.
The flip side of this is that it becomes difficult to save for retirement if you start thinking (and saving) late in your working years. If youre 60, havent started saving, and want $25,000 a year in income from your retirement savings at age 65, you probably need to contribute annually more than you make.
Say youre in your 50sor even a bit older. With the kids college expenses, or perhaps a divorce, you dont have any money saved for retirement. What should you do? What can you do? This situation, though unfortunate, doesnt need to be untenable. There are some things you can do.
Just say no
One...
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