A Hail Mary Retirement Plan for Those With Nothing Saved

no-retirement-savings1You’re rounding the corner toward retirement age with not nearly enough set aside.

We tell young people to start saving for retirement from their first job and not to quit, because even small sums can grow staggeringly large with enough decades of compound returns. But maybe you bumped along from paycheck to paycheck, never saving much. Or maybe you tried to save but got slammed with unexpected setbacks like a late-in-life job loss.

Let’s be clear: You can’t make up for lost time.

In my latest for the Associated Press, what you need to do in order to make your retirement more comfortable.

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  1. Jay schwartz says

    Dear Liz,
    I am 65 and previously helped care part-time for my father, who died in 2013.
    Since then, I have been a full-time caregiver for my mother (age 90), who fractured femur bones in both legs. She went through surgeries and uses a cane or walker, but still has gait and balance issues, along with mild memory loss.
    Originally, a family trust was setup, that will leave my mother’s house to my brother and myself (50/50). Since becoming a caregiver, though, I am not able to work a full-time job. I do receive room and board. My only incomes are a county pension and social security that amount to $1,400 monthly. I have no nest egg or assets. I am wondering if I should receive more in the way of compensation. Maybe the Trust should be changed to leave me more, if not everything. I figure I have lost over $100,000 in wages and benefits so far in being a “free” caregiver. Should I talk with an eldercare attorney about this? I am fairly certain my brother does not want to give me any added compensation. Ultimately, I may have to take legal action when my mother no longer is here.

    • Liz Weston says

      You should talk to an attorney, who may tell you the memory loss could prove a problem if your sibling wanted to contest the new trust.