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Saving for your retirement in your 50’s?

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When should you start taking social security? When is it time to start saving for your retirement?

Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation and member of the President’s Advisory Council on Financial Capability answers some money questions for fifty somethings. “The Charles Schwab Guide to Finances After Fifty” answers 50 of the most commonly asked questions about long term care insurance.

She begins by saying that you can still really make a huge difference in your savings if you start at a later age. Even in your later 50’s you would still have around 15-20 years more to save.

A lot of people, actually 1 in 5 people take money from their 401k. If you do not have the money now then how are you going to have the money in a few months to pay it back says Carrie.

With long term care prices that can be high Carries says that it is totally worth it and the majority of us will need some type of long term care in our lives. She thinks that if you are in your 50’s-64 that even though it’s a big range it’s a good time to invest in long term care. Especially if you are in good health. Her book continues to go over many questions that are commonly asked about finances for over the age of 50.


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