"Can I Still Retire at My Target Age If I Started Investing Late?" DM Lightning Round
YOU ASK. WE ANSWER:
I got into the investing game after the age of 50 with the hope of retiring somewhere around 65. I’ve already invested over $20,000 in the past six months and an annual investment of about $12,000 long-term. Will this allow me to retire at my target age?
you write, we respond
Responding to your most pressing questions from our mail bag is one of my greatest rewards.
No question is too simple, off-limits, or off-topic — so let’s tee up the questions.
Michael asked us through the ask page:
“I got into the investing game after the age of 50 with the hope of retiring somewhere around 65. I’ve already invested over $20,000 in the past six months and an annual investment of about $12,000 long-term. will this allow me to retire at my target age?”
The answer is: I don’t know. <the audience gasps>
This isn’t a cop out! Retirement depends on SO many different factors. One of the main roles of financial planning is income planning, where we look at:
What is your social security going to look like?
Do you have any guaranteed income from pensions?
How much money does it cost every month to live?
How many investments do you have?
All of that comes together to give us a picture of your financial world. These variables change remarkably depending on the person, and that changes how much money you need in investments.
So it’s not just about how much you have invested, it’s about how ALL of that works together.
you have to look at the whole picture.
Anyone who is sitting in the position of anxiety about wishing they started saving earlier or investing earlier, you can’t do anything about the past. But what you can do now is make wise decisions. You may feel the push to be super aggressive with stocks, but if you’re nearing retirement that could be really dangerous.
Take a look at the whole picture of your situation to figure out how to leverage it in the best way possible to get you where you want to go, which may not be where you initially thought you’d go, and that’s okay.
The best way to do that is to come sit down for a free informational analysis, talk about your situation with us, and we’ll walk you through what our process is. If we’re a good fit for you, we’d love to help you think through this. Click here and sign up for a free consultation with me or a member of my team.
Want to ask Dynamic money your question?
Do it! We would love to help. We get tons of these every week and yours may get featured on the show.