Paul and Elaine are 58 years old.  So far they have saved about $58,000 for their future.  What can they do to plan for retirement?  We take a look at some basic concepts to help them get on the right track with their retirement planning. 

Paul sent us this question.

I’m 58 years old and have a little over $58,000 in my 401k.  My wife, Elaine works but doesn’t have a retirement plan at work.  Combined, we make about $85,000 per year, (Paul earns $60k, Elaine makes $25k).  We have about 17 years left on our mortgage and the payment is $1,100 per month.  Currently, I save about 5% of my pay in my 401k, because that is all my employer will match.  I checked with Social Security, they estimate my benefit to be about $2,100 per month, and Elaine’s at $1,350.  I would like to retire before lunch hour on the day of my funeral, what can I do?

Watch Now:  I’m 58 Years Old with $58K, How Can I Retire?

– Intro

– Disclaimer

– Tip 1:  Make a Good Decision About Social Security

– Tip 2:  Save More

– Tip 3:  Eliminate Debt

– Tip 4:  Consider Using a Roth 401(k) or Roth IRA

– General guidelines if you’ve started planning for retirement later in life.

– The importance of understanding cash flow.

– Outro

Appearing in this video

Todd Kimpel, CLU®, ChFC® - Todd is a financial advisor with more than 4 decades of experience helping people plan for retirement and manage wealth.  He is located in Wheeling, West Virginia. 

Andy Dollman – Andy is a financial consultant in Parkersburg West Virginia.  He has been working to help people plan for retirement for 3 years.

Neal Watson, CFP® - Neal is a Certified Financial Planner™ Professional in Marietta, Ohio.  He has over 25 years’ experience helping clients create financial plans and manage wealth.

#Retirement #RetirementPlanning #RetirementIncome