How can I start organizing my finances for retirement at age 47?

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  • #111776 Reply
    Phaedra

      I really need help and guidance. I’m 47 with no retirement. After divorce, I cashed it in so myself and my 4 children could survive. I had to start all over after 18 years.

      Ten years later, the oldest is a college gradute in grad school and I have 3 in undergrad. Just purchased a home and a business owner.

      Now that I am no longer in survival mode, I need direction on finally get organized financially.

      I pay myself, $50,000 and my partner pays everything at the house including the mortgage.

      Any advice please. What need to be done first?

      #111777 Reply
      Gehn

        I’m not sure what your goal is, but I assume you want to retire soon. Then, one of the first things to do is to contribute to retirement accounts such as IRA, Roth IRA, and 401k.

        They have tax advantages. Take all those “free money” first before you start thinking about growing investment.

        At the same time, control your expenses. Keep track of your expenses if you haven’t started doing so.

        No one can plan retirement without knowing his/her expense.

        #111778 Reply
        Kim

          Just don’t get comfortable counting on your partner- as you learned that’s not a practical plan!

          #111779 Reply
          Mark

            Start getting into rental properties 10-15 years in the stock market isn’t enough time for it to grow much

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