Catch up on retirement savings in mid-30s?

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  • #93234 Reply

      Been very behind om retirement savings, due to living paycheck to paycheck. But have now got a few thousand dollars saved up! I need to catch up on saving for my retirement though. How do I do so in the best way? Do I invest part of it and hope for the best while continuing to save whatever I can? We are in our mid 30s and would like to retire in our early 60s.

      #93235 Reply

        Does your job offer a 401k and do they match? If they do try to invest in that.

        If that’s not an option open up a Roth IRA, but make sure you invest what you are contributing in something like the S&P 500, and forget about it. I believe the limit for this year is 7,500 so make sure you max it out every year. that money and whatever it gains will be tax free at retirement.

        #93236 Reply

          Read A Simple Path to Wealth.

          #93237 Reply

            The Simple Path to Wealth by JL Collins. Start here. You’ll need a plan beyond investing a what you have saved now and hoping for the best.

            You need to be consistently saving for retirement over the next three decades.

            You might also get some value out of watching something like Financial Audit on YouTube and seeing if there are places you could improve your budget.

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