10 thoughts on “Over Age 50: No Retirement Savings

  1. Mrs. Groovy

    We have a few friends over 50 who will seriously need to cut back as they’ll be relying on only Social Security and very little savings. For a few, their heads are buried in the sand and they refuse to cut back now. It’s unfortunate but they don’t want to think about it (and they certainly don’t want to talk about it so our lips are sealed).

    Reply
  2. Chris @ Duke of Dollars

    I have a family member who has low levels of retirement savings, and a job that makes it difficult.

    Many discussions have been had to talk through finding a better job, so hopefully they do and then start with the match as you suggested!

    Reply
  3. Miguel (The Rich Miser)

    Hey Journeyman,

    Good tips. I always feel sadness when I read the articles that the media does from time to time about older people who did not save enough for retirement. Some seem happy to take on part-time (or full-time) jobs to pay their expenses, but others seem miserable.

    Reply
  4. Moose

    Facing the prospect of being 50 with little to no savings was one thing that spurred me into pursuing FIRE. Time is not on your side once you hit that mark, and it’s increasingly difficult to change decades-old habits. Not impossible but obviously it’s better to get everything under control long before 50.

    Reply
  5. The Wealth Hound

    Great advice here – Keep looking forward – The past is the past.

    All too often people get hung up on missed opportunities, feel bad for themselves, and miss out on great opportunities right in front of their face.

    You’ve got it right, though; it will take some work!
    -Jason

    Reply
  6. Whymances

    I like the positive view that your ship is not sunk if you’re 50 without much savings. It’s better than 60 with no savings.

    Reply
  7. Mr. Thrifty

    The sooner you get started, the better, no matter what age you are now!

    I’ve seen folks in their 60s find themselves in a very tough situation when they’re suddenly unable to work and haven’t planned and saved ahead. It’s best to avoid that sort of thing, if at all possible.

    Reply

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