[USER]

Looking forward to advice
I’m 52 year old and I only have ~300k in IRA + 401K.
I spent most of my money to support my families.

For the past serval years, I didn’t even put a dime into 401k, to maximize the support to my families.

I finally helped my families to clear the debt in the beginning of this year, and started to review my financial status for retirement; and I got panic.

I’m tired of working, maybe approaching the end of my career, but apparently I don’t have enough savings.

It’s a bit devastate to realize that I have to work for many years so that I can afford retirement….

My status:
1. Live in CA. I’m the single income source of the family.

2. Have a child in college now, and the other 3 also plan to go to college.

3. Base on the priors records, I could save 200k~250k per year since 2016.

(yes, all past savings directly go to support my families)
4. I only have a retirement account with ~300k, from my early years’ saving (compound interest is really powerful!)
I guess I need to have a proper investment to build and grow my portfolio, so that I can retire earlier.

Looking forward to any advice, to build my retirement portfolio form now…

Thanks a lot

[Alberto]

Ok start saving 200-250k a year in Roth and brokerage account!

[Serena]

Sometime your have to look out for yourself before you look out for others… it can be really hard.

But on the other side has anyone you helped out thought about help you in any way or even looked out for you to make sure you were okay?

[Beatrice]

Something to think about being the only source of income and not having set yourself up first: the best thing you can do for your family is to make sure you don’t become a burden on them, so take care of your needs first.

Don’t feel obligated to pay for your kids’ college if it is not within your means, or alternatively, have an honest discussion with them on a limited amount you can contribute.

Community college, living at home and public transport is a great way for them to save money while they work and go to school.

I think it’s great that you help/ support your family, but it should not be at your detriment, and it is ok to say no sometimes.

Some people incur debt because they always want to have the latest / greatest, not for actual needs.

[Горан]

You can move in future in Bulgaria the people here live very good with $12k per year …

abd you will feel rich.

Everye one speek english and it is part of EU …

has a black see and more and more …..

[Author]

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