My mother is 52 years, with little savings. What advice can I give him to invest for retirement? My mother is 52 years old, and very little savings if any. She recently finished empty-handed after a difficult divorce. It is currently about $ 1,200 - $ 1,500 bi-weekly. What advice can I give to pave the way to retirement in this game? The more specific the better. Please give me some references if you can! Thank you!
It is very difficult to give specific advice without having access to the whole story, and all financial information of your mother, and know their personal goals, dreams and responsibilities.
At this stage, it needs to save every penny possible, if she wants a chance to retire at a relatively young age. The first step of this process is to conduct its expenditure to a minimum. I do not want her to eat Ramen for Top the rest of his life, but it should do its best to minimize its fixed costs, to be able to save as much money as possible. You should be careful on your approach and how to save / invest the money, because it has a time horizon, but a need for rapid growth. This can be a challenge, because it is not really able to take enormous risks, but it needs a higher return than the average.
You should talk to a financial planner in your area. If you want more specific advice, please provide more information.
I wish you and the best of luck!
in October and recentley my grandmother got into a very bitter divorce case. it is only about 300 per month. so im sure your mother is doing well. Maybe she should move to a apratment and watch its spending and it should do well.
I agree with Randall, it is difficult to be specific without more info. One thing she should check on is his right to social security by her ex-husband (s). I suppose it may be important.
Your income of the mother is very good and if it is economical, it should be able to save at least 20% of that. If any such income has been his pocket money in the past, it could be quite a shock for her. Dave Ramsey "Financial Peace" could be useful.
52 is not really old, she still has time.
Because of her age, she should pay particular attention to its social security benefits.
Tell him to work as long as possible. The long history of working with a person, plus monthly payments of social security will pay. If she can not work until 70, that would be ideal for the growth of benefits for people who wait until 70 is pretty significant compared to what she could get to his normal age security Full name (which is probably 66 or SO). Even if it receives Social Security based on social ex-husband's safety record (which she may be able to do so under certain circumstances - she should check with the Social Security Administration about it), wait long as possible is always advantageous.
Tell him to participate in a 401 (k) plan that is made available, especially if there is a contribution.
Tell him to put as it can by IRA or taxable accounts. Even a few dollars a week is better than nothing, because over the years, it added up. Then she begins her type of retirement planning late start is now better than ever to leave, and she still has time to build a decent amount of savings.
Get her to come live with you and pay you for all that, she did not worry about anything!
Posted on February 13, 2010.
