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TOPIC: When is it too late to save for retirement?

When is it too late to save for retirement? 10 months 3 weeks ago #1

  • FrankN
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LEXIE, I like your attitude! even if you start late, it always a good idea to save for a rainy day.
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When is it too late to save for retirement? 1 year 2 months ago #2

  • FrankN
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JOKER, it would depend on how long they plan to work. If they started from scratch, I would say they need to take a few more risks than the average 50 year old investor.
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When is it too late to save for retirement? 1 year 2 months ago #3

  • Lexie
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Never!!! Even at 65, a person can put back at least a small amount for a rainy day. The only real challenge will be medical bills. Medical costs are out of site and if you don't have insurance you're in trouble. I see a lot of people working until they are 70 now just for the insurance.
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When is it too late to save for retirement? 1 year 3 months ago #4

  • Moneyes
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Here is a website with really good financial information.

https://money.usnews.com/money/retirement/boomers/slideshows/10-tax-breaks-for-people-over-50

Many of the articles you can incorporate into the advice you're looking for.

People who are getting on with their years should think outside the box a little. Instead of constantly thinking of ways to make or save money, think of how you can get savings on things you used to have to pay out. Not so much being frugal, but rather the tax breaks they talk about on that site. Whatever you save on taxes via the breaks you are entitled to when you are over 50, invest aggressively.
Last Edit: 1 year 3 months ago by Moneyes.
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When is it too late to save for retirement? 1 year 3 months ago #5

  • Joker
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I know that if you start saving as a young adult, that you will enjoy the compounding effect of your investments. What about the older saver? What would be a good investment plan for the say "50" something person? Does anyone have any advice?
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