I am 57 and have zero saved for retirement. Will I be able to retire on $3,000 in Social Security?
I'm still living paycheck to paycheck.
Answers | 2
Are you spending less than $3,000/month now and can you keep doing this before you retire on $3,000/month from Social Security? If this is the case, I can suggest a definite maybe.
Many folks are in a similar situation.
There are 4 ways to solve this problem. There are a zillion sub-sets to the solutions.
1) Increase your time. (retire at a later date)
2) Increase your contributions toward retirement (you indicated that you have 0)
3) Decrease your expenses (live on less than what you do now)
4) Increase your ROI (before you can do this, you need assets to work with)
Yes, all of these have risk. The mistake with uncertainty is the belief that there is an antidote.
Hope this helps. You may contact us directly to discuss your situation in greater detail. No obligation.
It's not what you make; It's what you keep that determines your lifestyle
To get started immediately, consider:
1) Your anticipated Social Security may change based on the number of years you work and income earned, or any change to the COLA or base calculation by the government.
2) Is $3,000 more than your current and your anticipated future living expenses - including an adjustment for inflation & increased medical expense ?
3) Why are you living "paycheck to paycheck"? Are you paying down debt? Is your spending under control? What % of your income goes to necessary expenses? Is your income stable? Do you own your home, or pay rent? Can it increase?
In short, you need to determine what your living expense should be given your income to permit you to:
1) Establish an emergency fund
2) Start investing as much as possible to grow wealth
3) Generate as much income as possible & reduce discretionary expenses to permit investment
4) Expect to retire "late" and slow your Social Security to reach its maximum
5) Select appropriate investments for your goals
If you would like guidance on these steps please send an email and visit WIN.