The Alemian File: How to Start Saving for Retirement at 50

January 12, 2016

If you’re anywhere near age 50 or over and you’re behind in your retirement savings, you need to get serious about saving for retirement now. Consider this your wakeup call.

If you’re anywhere near age 50 or over and you’re behind in your retirement savings, you need to get serious about saving for retirement now. Think of my message today as your wakeup call.

Here’s a list of what to do and what not to do. Follow this advice and you should be able to get on track to where you want to be.

• Stop putting money into the markets, because you can’t afford any losses.

• If you’re putting money into a 401(k) or 403(b) at work don’t put any more money into it, even if it means giving up what your employer is matching.

• Take any money you already have in one of those plans and roll it over into an IRA using an indexed annuity. This will protect that money from the next market crash.

• Add up how much money it costs you to live today. Subtract any costs that will go away once you retire. Now multiply that number by 150%. This is how much money it will cost you to live by age 80. This is your goal.

• Contact a life insurance agent who specializes in life insurance for the purpose of retirement. Tell the life insurance agent how much you need per year by age 80. Ask the life insurance agent how much you need to put into a life insurance policy to create that income.

You now have a way to get up and get going on the right retirement track.

If you’d like to learn more or if you have questions send me an email to: David@TheAlemianFile.com. Check out my website PhysiciansRetirementPlan.com. Follow me on Twitter, connect with me on LinkedIn, and absolutely make sure you come back here next week to Physicians Money Digest for another edition of The Alemian File.