How to get my finances in order this late in the game?
November 10, 2012 6:51 PM Subscribe
Starting from scratch at 45 years old, what's the best strategy for saving money & planning for old age?
posted by anonymous to work & money (11 answers total) 37 users marked this as a favorite
I am 45 years old, single, and have no savings or assets to speak of. My chapter 7 bankruptcy should discharge soon. A clean slate. I earn a salary of $45,000/year in a not-inexpensive city in the Pacific Northwest. I have decent job security and health. What is my best strategy for getting my finances in order so that I can grow old with some dignity instead of retiring to a cardboard box underneath a bridge?
If I am able to keep my expenses to where I can save approximately $1000 a month, can I turn that small amount of money into a useful retirement account this late in the game? My work is probably not portable to a city with a lower cost of living, and I would prefer to stay where I am, but at this point nothing is off the table, including moving to the middle of nowhere and taking an entry level job if that is what it takes. Just looking for some ideas on how to make up for lost time, with limited resources. Thanks.