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nik a | How to save money for my retirement. My income now is just enough to pay all of my obligations? |
I am a businessman. I have plenty of payables and obligations to pay.
How will i save money for my retirement where i have a tight budget for all my payables.Please teach me how to save money for my retirement under a tight budget, I am now 52 yrs old. |
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Repairmanjack
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You have no choice but to downsize or get a second job to bring in more income. I think you have overextended yourself. What can you sell?
At 52 years old you should be well on your way to affording retirement. At 52 your house should be paid off (or close) and you should have a significant amount of money in investments. You should have no credit card debt, of course.
When you retire you'll be able to safely withdraw 4% of your nest egg each year per all major studies. Figure out what you'll need to have in order to do that. If you need $40,000 a year before taxes, you'll need a million dollars. Be aware that investing costs are not included in this safe withdrawal rate. You must add them in.
Here's a site that can help and has links to tools:
http://www.saveyournestegg.com/diy.html
Consider this a wake-up call. Or, you will be working until you are 80 or will have to live off social security. |
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arriadne
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If you are 52, you don't have a lot of time left, but you can still do a lot in the next 15 years.
1. Get out of debt and stay out.
2. Live below your means.
3. Pay yourself first--in other words, set aside a certain amount for savings every paycheck. If possible, have it automatically withdrawn. Never touch it and keep it where it will accrue interest, like ING or Emigrant Direct.
4. If necessary, find another source of income.
5. Cut out unnecessary expenses--eating out, lattes, etc.
6. After accruing some savings, find a safe(as safe as possible) to invest.
Hope that helps. Good luck to you.
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leena_070586
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In business there is no RETIREMENT.... |
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Kiala H
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save a certain percent of your paychecks |
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Confused ...
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At your age, there are two things you can still do before your retirement. One is to increase your income through promotion and possibly a second job. The other is walk through your monthly spending by cutting your at least 10% of your current spending. This will give you a good start. The next is to use the money to invest wisely. You still have 10 to 15 years to save and invest. With the social security money and the invested saving, you should be doing ok with your retirement. |
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muncie birder
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If you are indeed 52, you are in a world of hurt. Are you an independent businessman? By that I mean do you work for yourself? If you do there are retirement account options open to you that not open to wage earners. And the money deposited can be deducted from your gross taxable income, which means that it does not cost you as much it would otherwise to save for retirement.
Now as for your cash flow, many businesses make a habit of stretching out their APs as long as they possibly can and beyond. Sometimes it is even possible to have your vendors finance your APs for you especially in times like now. The flip side of that coin is managing your ARs if you are not a cash business. In times like now ARs can be extremely difficult to collect.
As for expenses, they can always be reduced given enough commitment. Electricity is one that almost always can be cut significantly. Another is travel. I for one never use my car until I have several trips to combine into one. |
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ohigan
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Well. Perhaps your focus should be on ways to increase your income. If your income is "just enough to pay all of your obligations" than I really don't see how you can save a significant amount per week, month, year that would help you in your retirement years. Little changes in lifestyle work as well. You should sit down and figure out what you can do without, take that money and put it towards your retirement savings. The key is to make sure you have a "rainy day" fund that keeps you from tapping into your retirement funds. If all else fails you can always sell some of your organs...Kidding! |
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src50
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You start an automatic deduction into retirement savings each month and "tighten your belt" on other spending. |
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Flopyi Ears
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You have to start thinking S-M-A-R-T. What kind of cutbacks can you make? For example: I drink bottled water. Now at $1 a bottle on something that covers over 65% of our planet is not smart. So I bought one of those water filters that screw into your faucet. I have bottles that I refil over and over again. I take them to work. Do you have a lot of small appliances around that house that are always on? I cut my electronic bill almost in half by unplugging all the clock radios and night lights. I also bought some of those florescent bulbs that look a lot like a regular bulb. These things use 80% less electricity than regular bulbs. You would be surprised, but these small things add up. I know I was spending money on the water filter and energy efficient bulbs but these things will pay for themselves in a month providing they pertain to you. If you really need the money right away start cutting back on your food costs. Romain noodles cost a dime and they taste just as good as campbells chicken noodle that costs $130 a can. Ok no chicken in romain noodles, but you are probably just missing about 4 tiny pieces of chicken. Put a brick inside your toilet 'chamber'. You will use a little lesser water each time you flush..Before you know it you will be ahead. Wanna be creative? Find yourself leaving lights on? Buy a motion sensor switch, the lights will turn on when you enter the room and will turn off (by a set amount of time) when you leave the room. I have one, they cost $15 at HomeDepot. Need new windshield wipers for your car? Who says you have to buy 2? You only need the new one on the drivers side, leave the old wiper on the passenger side. So remember you have to start thinking S-M-A-R-T! Yours truly seahorsehawrey. |
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Ja Ma
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two areas to look at are your interest expense and your tax expense and what you can reap from those two areas could complement a tax deferred savings plan. the fall back option is to reduce your standard of living now in order to increase your standard of living after retirement. |
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ragedesign
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Hmmmm...the way things are going pensions are a massive waste of time and probably won't meet your obligations when you retire, however, buying property alone or with other family members is a pretty good way to make money and when sold in 15-20 yrs time it should help with funding the rest of your life. |
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mac_princessa
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I feel your pain. The only place we were able to cut back is groceries and household supplies, and using less electricity/water. Those are really the only bills you have any control over, mortgage, car payments, etc are all fixed. What we did was write down the amount our bills were before we started trying to save, then the next month try to lower them, and then put the difference into a savings account.
I hope you find a great solution that works for you! |
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