Q.

I’m over 50 and don’t have a retirement plan. What should I do?

A.

It’s never too late to begin saving for retirement. If your employer offers a retirement plan, sign up for it as soon as you can. If not, you can open an IRA and still enjoy the benefits of tax-deferred savings (your money grows tax-free).


How much money will you need to set aside? If you're over 50, you'll need to save aggressively for retirement—at least 15% of your income. This will involve cutting expenses from your current budget, or perhaps taking on a second job or side business. Some questions to ask yourself:

  • When do you want to retire?

  • Will you have other sources of income when you stop working, such as Social Security?

  • What expenses will you have when you retire?

This easy to use tool will help you get the ball rolling: