Retirement News : Seniors : Help! I haven't saved for retirement

Help! I haven't saved for retirement

Date Added: 31-10-2005

'We're not in Kansas Anymore', is the title of a how-to save for retirement book by Walter Updegrave.  Read an excerpt from some advice from the retirement savings guru.

CNN/Money - USA

October 28, 2005
By Walter Updegrave, CNN/Money contributing columnist

NEW YORK (CNN/Money) - I'm 54 and have no retirement plan at work. In fact, because of a divorce and other issues, I have nothing to rely on except Social Security and $110,000 I recently received from selling my home. I know nothing about investing, but there must be something I can do.

-- Gabriela Beach, Somers, Connecticut

First, some good news. I agree that at your age you would ideally like to have much more socked away. But you're better off than a lot of people. According to the Employee Benefit Research Institute's 2005 Retirement Confidence Survey, only 42 percent of people 55 and older have $100,000 or more tucked away in retirement savings (though many people still own their homes).

And if you earn a reasonable annual return of, say, 7 percent on your home-sale stash between now and the time you hit 65, you would have a nest egg of more than $230,000.

That doesn't count any additional money you throw in between now and the time you retire.

So your situation is far from bleak -- and there are still plenty of things you can do improve your prospects.

Read the entire article:

http://money.cnn.com/2005/10/28/pf/expert/ask_expert/