Older with No Money to Retire – Here's What to Do

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What to do you do if your in your 50s or maybe even 60s and you don’t have any money for retirement or don’t really know if you have enough.

1. What People Worry about
– Three main things people worry about when It comes to retirement
– Income: and that’s why a lot of them don’t stop working
– The second thing is Expenses, expenses are too high, and social security and 401k money will not cover it ( so it gets to point where you have to keep working)
– The third thing is Debt

2. Here is the Plan and the Solutions
– The first thing is the income is going to stay the same unless you decide to get another job
– You expenses have to go down to 70% or you’ll be working for a lot longer

Now here is the Debt Part:
Type 1: if you don’t have debt, the key to your retirement if you are 50 and want to be out the game by 65: then you have 15 years of actions
– I want you to contribute 20-30 of your income towards your retirement
– By that at mean, max out your Roth IRA and if you’re couple max them both out
– Contribute the match plus more towards your 401k plans or other forms of retirement.
– Now the investment I would make in my 401k if self-directed or my Roth ira, is that I would open the account with the vanguard, and invest in target-date funds. These funds are meant for retirement so they don’t carry that much risk, and they automatically adjust to less risk as you start to get closer to your retirement age. ( all you literally have to do, is invest, but you do need a minimum of $1000 to get started ( make a savings goal with your 20-30% and get started)

Pro: in 15 years of putting in 20-30% of your money, you will have more than enough for retirement especially if you own your home. And if the math makes sense and your renting, and you buy a 200k home, you could potentially pay it off in 15 years while saving for that 20-30%.

Ps: a 200k home, its mortgage for 15 years would be around $1500 bucks a month.

PSS: 40k salary and investing 20% at an 8% return over 15 years: $234k

Type 2: you have some debt like the House (it’s important and most likely by this point you have 5-10 years left)
– I recommend investing 20% of your income, and any the extra money you have left put it towards the house, that way you finish a lot earlier
– It guarantees a lot of money in your investment, but also a paid-off the house a lot sooner
– Once the house is paid off, retribute that money towards your retirement fund. ( remember as you get closer to retirement you have the adjust your investment to be less risky)

Ps: Some people will want to sell the house after they are done, that’s fine, you can buy a cheaper house in cash, or condo, and invest the rest of it, and take the income to pay for your expenses. (it’s all up to you)

Type 3: You have a lot of debt, credit card debt, car loan, mortgage, and even loans
– You’ll want to do 3 things, lower your expenses to the bottom, if you don’t need to be alive get rid of it.
– Invest only to get the match at your job If you have one, and if not just invest 10%
– The rest of your money goes towards paying off all your debt except the mortgage and auto loan with the avalanche method.

Here how:
– The mortgage, keep it the same for now
– Auto loan: if you have a new car and you can’t afford it ( sell it and buy a used 9-15k car)
– Credit card and loans: pay the minimums on all of them, and the one with the highest apr pay the rest of your money towards it. ( depending on how much money you owe, it might take you 1-5 years)
– But because the interest is so high on these loans investing wouldn’t do anything, so getting rid of them is the key.

Tip: once you stop being Type 3, go to being type 2.

Link to Target Date funds:


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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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Older with No Money to Retire – Here's What to Do uploaded in 2020-08-20 02:44:52 by TommyBryson