ZERO Savings at 50? Plan for Retirement NOW 💰

Updated : Sep 29, 2019 in Articles

ZERO Savings at 50? Plan for Retirement NOW 💰


What are we doing here? What’s going on?
>>What are we doing here?>>This is a super-simple game. We’re fishing for advice. Give me that.
>>See, I chose the right outfit today.
Yeah. [Fishing for Advice With Financial Advisers] I know you guys are probably thinking
I’m a professional fisherman, but I’m not. I’m a financial coach. You are 50 years old and have not started
saving for retirement. What is the first thing you do? Panic! No, I’m just kidding. So, at 50 years old, that is a big
wake-up call for a lot of people, and the very first thing you do is take stock of where your money is going today, because
you are gonna need to seriously amp up your saving. So, not everybody needs to
have some giant savings. You need to have enough to replace the amount of income
you’re gonna spend in retirement. I’m gonna just cheat a little, because I’m
really embarrassed. So I would just take a minute to assess my full
financial picture and actually sit down with the numbers to take financial
inventory. So I think step 1 is just going through what are all the
accounts I have, what is everything I own, what’s the value of everything I own, and
then making another list of everything that I owe. And then from there you can
be like, “OK, well, this is the money that I actually do have, and so maybe there’s a
better way for me to maximize this for my retirement.” I feel like 50 is the new 20 or
30, you know, still not too late. Yeah, don’t think that it’s over.
Consider it like a halftime. This is where you go
into the locker room and you look at what you did in the first half and what
can be done better for the second half. You come up with a new strategy, a new game plan, and then you go out into the second half,
and you prepare to win the game. [Cheering] I have to say this is the weirdest game
I’ve ever played at a FinCon. You’re 50 years old — I am 50 years old — and
have not started saving for retirement. What’s the first thing you do? You breathe, and you don’t panic, and you start now. What you should not do is
think, “Well, it’s too late now, so let’s just see what happens in the next 20, 30
years.” Because that is going to lead to disaster. You still have time to turn this around,
but you have to get serious about this now. So you would talk to a
financial planner, come up with a game plan of how you can reduce your spending,
how you could put extra money into savings, and how you can kind of catch up. Once you’ve found the money, you are gonna automate the flows into those IRAs and 401(k)s, because if you don’t automate it, you’re gonna force
yourself to go through this exercise again and again, but if you set it and
forget it, you will continue to make headway. All right, here we go. It’s why I got this net, man. The first thing I want you to do, I want you to take positive action. I want you to look around this minute, right now, and make a decision on some things you’re gonna change. And it might be your attitude, it might be
the way that you’re spending money, it might be the way that you’re even looking at money. Be positive.
You know, it’s not over till it’s over. You can do it, you just have to start
doing it right now. Whoops! All right, everyone, listen. Gaining
information is absolutely imperative. It keeps you aware and it keeps you motivated. So be sure to subscribe to AARP’s YouTube channel. OK, come on. All right. I’m just gonna pick these
fish up. OK! [Laughter]

27 Comments

  • Another great episode with amazing advice… for such an important time in someone's life!

  • How great seeing Talaat and Tai and other financial bloggers. Awesome. Real people. And sidehusl looks amazing! Checking it out now and will share with my over 50 readers. Cute AARP.

  • there was no real advice here and also, what about when a medical condition comes along and cleans you out,

  • Aloha, Disabled & caregiver anyone? Many people who are over 50 didn't save up because they are caregivers for their spouses, parents,grandparents,  adult children, or grandkids. Sometimes everyone can be disabled. If anyone is disabled, you might sign them up for Social Security Disability, sign children or adults who are disabled with Medicare, Medicaid, or Katy Beckett, get on HUD Section 8 Housing list, get student loan forgiveness, get discounts on utility bills, and if they were disabled before age 26, get an ABLE account. Some states allow for caregiver monies for parents, Grandparents,  and grandchildren who have disabilities. You may get respite care, free food programs, discounts for phones, emergency button  pendants, fitness programs, in home therapies, and discounts into State & National Parks. Vocational Training through Vocational Rehabilitation is also a possibility. After you access all of these, if you are disabled, and you can't save because of government limits for Social Security monies on hand or for Medicaid, or Snap, you or your child's ABLE account can at least be have monies added. Check the linits. Some states don't take all your monies away if you earn something. Every state is different and you can check to see what income you are allowed. It's never too late until it is too late. Take care, Kai

  • 💟Beautiful Favorite Happy Forever Love Life!‼️ 💙!Yes 50!❗️ FREEDOM FOREVER!‼️💚!❗️ and NOW 100!❗️ And More!‼️💛 HEAVEN❗️ Friendly Absolutely ALL Life Forever Wow!‼️🧡🔆♻️

  • I'm fine at 58. My challenge is knowing a would be and may soon be lifetime mad President / Emperor is in place. Then figuring out what to do and where to go from here. Renounce US citizenship? Maintain a US postal box as my "residence " while I live overseas?

  • There is no need to save for retirement if dems gain control. They will gladly steal from the rich and give to the poor, as long as its not from their own pockets.

  • Jean Chatzky. "Once you have found the money"????? What like is been piling up in the seat cushions for years? This video offered no advice.

    It tries in a soft way to say you have been stupid and need to wake up. Here is some real advice, take your paycheck and your spouse and put 40% away every week. If you cant pay the bills start cutting back . Where? If you have 2 cars sell one too bad if one of you has to drive tbe other to work. Dont ever eat out again. Do not go to movies baseball games etc.

    If you are not willing to do these brutal things, then just enjoy the next 15 years and accept that the last 20 years of your life those sacrifices will be forced on you.

  • Love the positive vibes from everyone. Very helpful—-Chris Hogan!!!!!🙏🏿🙏🏿🙏🏿🙏🏿

  • I'm 50 years old make approximately $15,000 a year working full-time. Have no spouse to help me with income. With that kind of income makes it difficult to save money there is none left over at the end of the month. What would your suggestions be for my situation and others that are in the same situation? You seem to be talkin to 50 year old couples who have much better incomes than $15,000 a year they just haven't been saving and have been enjoying their money and if they wish to stop the extra spending they would have plenty of money to save in the short time that they have left. Like I said in my situation not a lot of extra money to be saved. I haven't been able to come up with a solution maybe you could help with that I would appreciate it thank you.

  • This is frightening. What’s even more frightening is realizing AARP mean you are now elderly… 🤣🤣🤣

  • They ALL SAID NOTHING…no wonder they on here…WOW if they give there clients this advice no wonder why they would be eating Cat food or begging in the street…Straight BS

  • 51 $2,000 in the bank and $3,500 on a credit card. I make about $20k at my job and have free rent. Gonna get a roommmate. They are going to sell the complex I live in …then I will lose my job and my free rent. But retirement seems like a pipe dream at this point. Lets be real.

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