Have a question about your own retirement savings? Email us at [email protected]
I’m turning 50 this year. I’m divorced with no children, and I have struggled over the past few years with job loss, starting with the pandemic. I have an MBA, which I thought would change my life, but I have not benefited from it and I will need to start paying back my student loans soon.
For some people, the idea of sitting down and thinking through every single necessity for retirement is absolutely daunting. That’s understandable, too! But it can be a helpful exercise, and you don’t need all of the answers overnight. Account for the unexpected expenses that may pop up in the years between now and retirement, since anything can happen and surprises can be a real retirement killer. Above all, just keep calculating. You need to see various projections, some of which are ultraconservative, so you have a basis for what you need as your bare minimum, as your ideal situation and as your beyond-expectations scenario.
You mentioned you’ll inherit your father’s home, but we don’t know when that will be, and you should have a backup plan anyway. Expected inheritances are never guarantees, and not only for some dramatic reason like an argument among family members. Your father may end up needing to tap into his home equity, so it’s better for you to have a plan that excludes this.
Take advantage of every benefit available to you. For instance, if you have access to a health savings account through your employer, consider it. They are attached to high-deductible health plans, which may not be an affordable option, but if it is, you’d have access to a triple-tax-advantaged account where your contributions, earnings and distributions are all tax-free for qualified health expenses.
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