[USER]

Female, Almost 39, no cash savings as I used it all up to get an MBA. Have about 40 K in 401. Not from IT/ Tech, so, not much earnings to begin with.

How do I even begin to think about retirement? I am so lost and feel like I will keep working forever. Where do I start? Any tips are greatly appreciated!

[Mei]

The way to accumulate your wealth can are to increase your income (get salary/ promotions you deserved or have a side business), reduce your spend, invest what you have saved which linked to S&P500 index funds, ideally it can have tax shelters function too.. as tax can eat up considerable amount on your investment gain

[Scott]

Here’s how you think about retirement. First breath.. you are where you are, then map it back.. let’s say you want to be financially secure at 65. Imagine what that looks like. Where do you need to be at 55 to make that happen? Now take that in, and now decide, where do you need to be at 45 to make 55 happen? Now go down to the end of this year? What do you need to do this year, to be on course for 45. Don’t compare yourself to anyone else.

Just map back from your end state down to what you are going To do tomorrow..

Would you also like to explore: Help with retirement calculators!

[Tamara]

39 was when I was slaughtered by the recession. Start saving and investing now you’ll still be able to be financially independent and likely to retire early if you consistently invest, don’t panic, increase earnings and live below your means.

[Randy]

There is no magic formula unfortunately. Discover what retirement account options are available to you (401, IRA, brokerage accts etc…) and start contributing as much as you reasonably can starting as soon as you can. You made an investment in yourself getting that MBA now use it to its potential and get into the highest income job it can offer.

The more you earn, the more you can save/invest. Start with simple index funds or target date funds until you get more knowledge on investment options. Shoot for no less than 25% of your income going to retirement investments.

Enjoy your life and do your best for your future self. None of us here are promised tomorrow and the markets might bankrupt us all. No guarantees.

Lastly remember, your health is your wealth. You can build a nice retirement savings but if you are not healthy, what good is it?

Healthcare is expensive and will drain you quick. Keep following and learning from this community.

Best of luck.

Also, check out: Will our assets cover early retirement in 15 years?

[Paul]

I went from debt-free and zero in assets to $1m in 11 years by saving half my $60k income, so it’s definitely not too late. Max out your 401k and Roth IRA yearly, if possible. Invest in index funds such as VTI or VOO. Save something from every paycheck. Repeat yearly.

That’s about it.

[Author]

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