Comments on: How to Catch Up on Retirement Savings

By: Manuel

Manuel — Mon, 03 Apr 2017 20:51:39 +0000

I’m happy that I started early to invest (before finishing my studies). However, others who attended trade school are starting to save money much earlier. I think I should consider a side hustle.

I think a side hustle is great for everyone. I also think everyone is passionate about something that can be turned into a side gig.

By: Chonce Maddox

Chonce Maddox — Sun, 02 Apr 2017 16:35:57 +0000

In reply to John @ Frugal Rules. You're right, a lot of people don't think a small amount will make a difference and I used to be one of them. I don't have enough to max out my retirement account yet since I'm focusing on paying off debt right now but I recently started prioritizing investing what I can and it feels great.

By: Chonce Maddox

Chonce Maddox — Sun, 02 Apr 2017 16:33:48 +0000

In reply to Syed. Very true and I agree. I live in a pretty low-cost area and it does wonders for my budget in terms of being able to free up more money.

By: Chonce Maddox

Chonce Maddox — Sun, 02 Apr 2017 16:32:52 +0000

In reply to Michael. That's a great idea. My husband and I tried living on one income for a few months, but currently we don't we're trying to pay off debt. Once we get our debt under control however, I'm hoping we can try it again.

By: Michael

Michael — Fri, 31 Mar 2017 03:18:24 +0000

If its a couple, they could cut down living expenses and save the other spouses paycheck completely. A couple can put in $18,000 each per year into their respective 401k plans. If 50 or older, they could put in $24,000 each per year into their respective 401k. Side hustles are a great option too.

By: Syed

Syed — Wed, 29 Mar 2017 21:04:30 +0000

Great suggestions. There really is no magic formula. You need to ramp up your savings by increasing your income or decreasing your expenses. People who are really behind should consider big moves like getting rid of a car or moving to a lower cost of living area. The saved money will help get those retirement accounts where they need to be.

By: John @ Frugal Rules

John @ Frugal Rules — Wed, 29 Mar 2017 18:55:10 +0000

I was delayed by a few years as I was paying off debt and put off investing. Looking back, I would’ve done something even if it was in small amounts. While you can’t make up that lost time, we’ve thankfully been able to throw large chunks at retirement since starting our business so that does help somewhat. I think one of the biggest things that holds people back is they think a small amount won’t do anything or feel overwhelmed with investing. As with many things, even taking some small steps can do a lot in the long-term – assuming you continue in the right direction of course.