Dear Penny: I’m 54 with no retirement savings. How do I get started?

 · How I Make a full time living as a Freelance Writer & How You Can, Too. whether the advice is on saving money, spending wisely, or buying the right kind of insurance.. like you I.

Think of it as the application of Ben Franklin’s wisdom, "A penny saved is a penny earned." So let’s count some pennies we can save because pennies add up to dollars. 1. Bring your Coffee. The average worker spends a week buying coffee, adding up to more than $1,090. If you even brought coffee from home half the time, you just saved.

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A 2016 report from the Government Accountability Office found that 29% of households headed by someone over 55 had no retirement savings and no defined-benefit retirement plan, such as a pension. So your predicament is common, unfortunately. But you still have options that can make your retirement years a lot more comfortable.

The 80% is to keep up with the effects of taxation and inflation in the long run, should you end up living multiple decades in retirement. Don’t get me wrong, this does assume one end up having to do this saving plan for a 40 year time frame not counting the first 5 of employment years for someone fresh out of college with huge education.

Dear Penny: How Do I Tell Mom I’m Worried About Her Retirement Plans? When your parent is nearing semi-retirement with little saved, how do you tell them they can’t affor. If you’re having a hard time getting started saving money, we’ve got some steps to get you on a

$500 is not a lot. The Scottrade commission for buying a stock is $7, which is more than 1% of the sum total funds you have available. Don’t forget you face that same commission fee on the other end (when you’re selling) as well. Scottrade isn’t any worse here than other investing services in this regard, either.

APRA ‘game-changer’ to boost prices Frank Mirenzi, senior credit officer at Moody’s Investors Service, said Apra’s decision would help support credit growth and could stem the fall in house prices. “This is going to be a game changer.

 · I started saving at 25, which is early or late depending on who you talk to in the personal finance community. I started slowly, but this year I’m on a retirement-saving bender because the stats about how little people save for their retirement really freak me out. Very few people save, and those that do aren’t very good at it.