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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3852
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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what is the best route to save up for retirement when already

Resolved Question:

what is the best route to save up for retirement when already 57?
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

Dear Sir,

 

Though it is pretty late but NEVER TOO LATE. The best route to save for your retirement from this age would grossly depend upon your cash flow which I do not know. However, presuming that you have cash flows that are decent enough and leave you with comfortable surplus after your monthly expenses, I would suggest you the following.

 

This is a bit late age, when you can start saving for long term growth and build your money for over a long period of time. You will have to take a route, that is shorter and earns appreciation faster for your money.

 

First of all, you need to change the investment option that you might have chosen in your IRA. Make it directed towards the instruments that might give you higher return though with little bit of higher risk.


Secondly, put some specified amount into equity stocks directly that are fundamentally good. You may keep investing small amounts every month with fundamentally good stocks (you may seek professional advice for this). This will appreciate your money faster and might help you catch up.

 

I hope this helps...

Warm Regards,

Customer: replied 3 years ago.
I was wondering if there were better options that I am not thinking about already... I do not like the stocks idea, already had bad luck with that. I was wondering if you knew about long term care, I know that is not "retirement" per say but an after retirement thought. Also I was looking into an insurance plan which I can close out at age 65. Do you know if thoes accrue interest?
Expert:  Rakhi Vasavada replied 3 years ago.

Dear Sir,

 

Though investment in long term care may not be an "retirement investment" directly, but indirectly, it certainly is. To the best of my knowledge, it does accrue interest depending upon the plan you choose. However,this depends upon the question of when to buy long term care insurance, is as soon as possible, subject to your ability to pay for it.

 

Having long term care insurance certainly provides policyholders with the peace of mind that they will not have to rely on their family and friends for needed care, i.e. one of the major purpose of retirement savings. However, again, total premium outlay is actually less expensive the earlier you buy it. In other words, for each year you wait, the total premium outlay will be more. If you agree there is a need for long term care insurance, you must determine if you can afford to pay for it now and in the ensuing years.

 

I hope this helps...

Warm Regards,

Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3852
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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