DCornstubble From Durham NC

[dcornstubble]

Hey! I'm 45, two daughters, one at NCSU and the other in HS. I figure I have 20 years to save before retiring at 65. Retirement assets about $50,000. Only debt is a $20,000 student loan (for my masters) and helping to pay for college. Any advice, any, would be appreciated. If more detail is needed, let me know.

Dean

 

[Coach]

Hi Dean, and welcome to the forum.

The only advice I can give is to read the forum. Check out past posts and stick with us. I've learned more here than anyplace else about how to prepare financially for retirement.

Coach

 

[Midpack]

Welcome aboard. Like Coach suggested, read posts on topics that interest you, ask questions as needed, set goals for retirement and then save & invest to get there.

I am retiring end of June and may be moving to your area next year.

 

[dcornstubble]

Thanks!

Thanks, folks. I appreciate it. I'm pissed that I started so late...that's why I'm trying to get my kids ready for it....

 

[bbbamI]

In my humble opinion...here goes...

Track your expenses on a detailed spreadsheet. Understand your benefits...such as pension/medical benefits from your job and social security. If you have a SO, discuss your plans and dreams...make sure both of you are on the same page. Get a second job if necessary to stash some extra cash. Play with financial calculators such as FIRECalc.

Check out this thread...

http://www.early-retirement.org/for...uality-discussions-you-should-read-33198.html

Oh...and welcome to the forum Dean.

 

[robbridg]

Thanks, folks. I appreciate it. I'm pissed that I started so late...that's why I'm trying to get my kids ready for it....

Don't . You can't change the past. You're here now. So learn all you can and do the right thing from here on out. Some basics are tracking your spending. LiveBelowYourMeans. Save all you can. And read all you can to properly invest what you do have. Don't forget all the great support you have here if you have any questions. Not that I can answer them, but many can.

 

[Sarah in SC]

Welcome and better late than never. Some folks never wake up to know they hold their future in their hands! And enthusiasm will carry you a lot further than you think, especially if you "get religion" about living below your means and saving as much as you can in the next couple of years.

 

[Bestwifeever]

Welcome to the forums. Good advice above. Some people don't start planning/saving for retirement until they're 60 so don't sweat your timetable in hindsight. But at this point in your planning, why not let the kids take on all their own college debt while you sock away everything you can for retirement (you can always help them out later with repaying debt if you find yourself in a position to do so).

 

[dcornstubble]

Wow! I didn't expect that much advice. More than appreciated.

Yes, I am tracking spending, my SO and I are on the same page, and I will have to think about that college thing...Oh, and I do have a second job...THANKS!

 

[brewer12345]

Make the process as automatic as possible. Ramp up your 401k so you never see the money. Have an autodeposit done to a savings or brokerage account. Don't give yourself the chance to spend it.