I'm 48 and Have No Retirement, What Should I Do?

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[CadeCowell-ftfe]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[Theresaa]

I've kept most of my savings in cash for safety, but I'm unsure if that's right for retirement. Thinking about investing $400K in stocks, as I've heard investors can profit in tough times. Not sure about my next move.

[Blitcliffe]

The idea of investing a substantial sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $1M over time?

[Josh_Morales]

"He who understands compound interest earns it. He who doesn't, pays it" - Albert Einstein

[Mitzi]

Go hard for the next 20 years. He can do it.

[catlady]

He's not doing too bad. He's just a little late starting a retirement account, some of these other callers sound like their in worse positions.

[ThePatriots]

He’s gonna be working into his 70’s. So many people are like this guy.

[Justmyopinion]

This guy isn't in a horrible situation. He owns a home, so has some equity. He has a solid income and has been paying into social security. He needs to change his spending and learn about investing. There's hope for this guy.

[rainacherienne]

I don’t think age is the problem. The problem is that people who never were savers or had common sense to accumulate wealth are not going to magically change when they’re 50. It’s a mindset.

[vladamirkb]

i'm going to live in a van down by the river.

[valaquenta]

48 is still young enough to get a proper retirement in his 70's if he works hard, so it's doable. We tend to live in our 90's these days if we don't do stupid things with our health. He needs to save as much money as he can for the next 25 years, retire, and he should be alright.

[jabow]

Just buckle down and move forward. We saved half our income starting at 50. We are fine at 60+

[davidsensing]

Caller says he is engaged, I hope his future spouse is on a similar plan. MONEY is such a large part of our lives and vital that spouses are on the same page.

A friend was in a gun store in Franklin TN and Dave walked in. My friend was checking out and yelled to Dave, "I promise this is a debit card." He said Dave just started laughing.

[dashcamvideos]

He can catch up. Focus is the keyword!

[Whoiskevinjones]

Dave missed the big questions... What debt does his fiancée have? How much does she expect to pay for the wedding? Does she have children?

[libertysprings]

Well the first thing I would've asked is if the woman he's dating has any debt and if so, how much. If he gets married that will become his debt too

[floydestelle]

Did this on my own, didn't hear about Dave until last couple of years. Been retired for 5 years, zero debit, house paid 270, 1 million IRA, paid off 2022 Rav4 Hybrid, 25k bank

[Jim_Curtis]

He said he's engaged, so he should get a prenup if he's going to get married. Otherwise, a gray divorce in his 50s/60s will kill him financially.

[dansdrumchannel]

He could possibly live on 40k and save 40k a year. If this caller plays it right he could hang it up by 60! Hopefully his spouse to be is not a big spender😞

[j.mney]

He is a natural saver so if he funnels his savings strategy to an IRA he should be ok