Older with No Money to Retire - Here's What to Do

What to do you do if your in your 50s or maybe even 60s and you don’t have any money for retirement or don’t really know if you have enough.

1. What People Worry about
- Three main things people worry about when It comes to retirement
- Income: and that’s why a lot of them don’t stop working
- The second thing is Expenses, expenses are too high, and social security and 401k money will not cover it ( so it gets to point where you have to keep working)
- The third thing is Debt

2. Here is the Plan and the Solutions
- The first thing is the income is going to stay the same unless you decide to get another job
- You expenses have to go down to 70% or you’ll be working for a lot longer

Now here is the Debt Part:
Type 1: if you don’t have debt, the key to your retirement if you are 50 and want to be out the game by 65: then you have 15 years of actions
- I want you to contribute 20-30 of your income towards your retirement
- By that at mean, max out your Roth IRA and if you’re couple max them both out
- Contribute the match plus more towards your 401k plans or other forms of retirement.
- Now the investment I would make in my 401k if self-directed or my Roth ira, is that I would open the account with the vanguard, and invest in target-date funds. These funds are meant for retirement so they don’t carry that much risk, and they automatically adjust to less risk as you start to get closer to your retirement age. ( all you literally have to do, is invest, but you do need a minimum of $1000 to get started ( make a savings goal with your 20-30% and get started)

Pro: in 15 years of putting in 20-30% of your money, you will have more than enough for retirement especially if you own your home. And if the math makes sense and your renting, and you buy a 200k home, you could potentially pay it off in 15 years while saving for that 20-30%.

Ps: a 200k home, its mortgage for 15 years would be around $1500 bucks a month.

PSS: 40k salary and investing 20% at an 8% return over 15 years: $234k

Type 2: you have some debt like the House (it's important and most likely by this point you have 5-10 years left)
- I recommend investing 20% of your income, and any the extra money you have left put it towards the house, that way you finish a lot earlier
- It guarantees a lot of money in your investment, but also a paid-off the house a lot sooner
- Once the house is paid off, retribute that money towards your retirement fund. ( remember as you get closer to retirement you have the adjust your investment to be less risky)

Ps: Some people will want to sell the house after they are done, that’s fine, you can buy a cheaper house in cash, or condo, and invest the rest of it, and take the income to pay for your expenses. (it's all up to you)

Type 3: You have a lot of debt, credit card debt, car loan, mortgage, and even loans
- You’ll want to do 3 things, lower your expenses to the bottom, if you don’t need to be alive get rid of it.
- Invest only to get the match at your job If you have one, and if not just invest 10%
- The rest of your money goes towards paying off all your debt except the mortgage and auto loan with the avalanche method.

Here how:
- The mortgage, keep it the same for now
- Auto loan: if you have a new car and you can't afford it ( sell it and buy a used 9-15k car)
- Credit card and loans: pay the minimums on all of them, and the one with the highest apr pay the rest of your money towards it. ( depending on how much money you owe, it might take you 1-5 years)
- But because the interest is so high on these loans investing wouldn’t do anything, so getting rid of them is the key.

Tip: once you stop being Type 3, go to being type 2.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[TommyBryson]

Here is a full video to help with debt repayment

[shortyduwop]

Time flies. Life happens, you look up and you’re older.

[WellBehavedWallet]

"Doesn't matter how much you make. Only matters how much you keep." LOVE it - so true!

[johnnyg]

My advice to people older than 60 who do not have much money to retire on is to please try to stay as healthy as you can to avoid the money sucking hospitals. Once you are hospitalized for any reason you must find ways to continue your medical care "away" from the hospitals. They will nickel and dime you on everything (including the air you breathe) and leave you flat broke. Be ready to file bankruptcy if you are a homeowner and want to keep it after a huge hospital bill. Finally, never remarry if you are divorced unless if she is a millionaire.

[timallen]

You have some good information here. And the need is valid. That said, the 14k lb elephant is this: retirement at 65 is a phenomenon less than 100 years old. FDR, New Deal, 1935. Life expectancy was less than 65 in 1935. IN ADDITION to some of the financially sound advice you provide, people need to do 3 things to stay viable in terms of producing income.
1) Stay or get healthier,
2) Continue to learn. New markets, technologies, opportunities.
3) America is still open to free enterprise. Take your knowledge, combine it with continued learning (not talking college, knowledge has never been more available) and leverage it in a business. As long as you’re an employee, someone else makes a profit on your time and effort. Talking legit business here - avoid MLM/network marketing.

[Afro_Prepper]

Getting your Millennials out of your house is the first step.

[davide]

Folks are scared of investing in BTC/ETH because they feel the prices are high. But the price does not matter, you can always buy a small fraction and still make profits by trading on any credible broker. and as a long term investment plan, crypto is the future. As a newbie I was able to avoid making too many mistakes under Jane Marie Kunak's guidance whom I met at a conference earlier this year. I'm currently up by about 355% all thanks to her.

[mrwilson]

Thanks really appreciate your videos I'm 40 years old and I just started investing myself and enjoy every minute of it

[babysisdolls]

been working with elderly 50 years..work until you die just work smart not hard...keep it moving.

[frankescobedo]

Can you interview an older person's perspective on this?

[johnpetty]

I'm 53 now and up until like this past FEBRUARY... i didn't save 💩💩💩💩, but after constantly watching brothers and sisters like THIS ... i manage to squirrel away $8, 000 (and growing by $300 weekly) i stopped shopping and other money wasting actions, haven't started investing yet but THAT'S why I'm HERE.

[skeetmoses]

I thought about retirement when I was a kid for some reason. I didn't want to be old and broke. I'm glad I did the necessary things to have a great retirement

[michaelhewitt]

Thank you for giving older people hope.

[mms]

Income is low; and company do not pay.

[Mistyfgdf]

“One paycheck away from being homeless”
That’s such a powerful quote in 2020, especially with that one article “2/3rd Americans don’t got 1k for emergencies”

[raycontreras]

Thanks for the info. I’m at 50 now. Self employed Looking into smart investing and retirement.
Going to check into TDF. THANKS

[marylambros]

I am 59 and Canadian, thank you so much for the videos and the info.

[ageisonlyanumber]

I completely disagree with the idea that anyone should move a majority of their portfolio into bonds now matter what their age. I am 60 and plan to retire in 10 years. The only bonds I own are in growth-income/equity-income mutual funds. You will never be able to stay ahead of inflation without a growth portfolio. I am using a 2 bucket strategy with 3 years of expenses and the rest invested. I am also invested in a variety of investment products. A portion of my portfolio will provide guaranteed lifetime income for my fixed expenses and then the rest will be available for my wants - travel, gifts, etc. When a market downturn occurs once I am in retirement I will be able to access my cash bucket to avoid selling market sensitive investments during the downturn.

[adventurelovehealth]

I’m new here. I just started a YouTube channel to help with my income.... I just turned 50 and don’t have a lot saved. I work and am ready to make more money and save with a great plan! In adventure, love and health, Denise

[alonzosmith]

zero credit card debit, mortgage payments, 401k taking a beating in 2020, stay positive keep saving, create a budget and stick with it.