Saving for retirement...seems impossible? - WTVM.com-Columbus, GA News Weather & Sports

ConsumerWatch

Saving for retirement...seems impossible?

By Zaneta Lowe  - bio | email | Twitter

COLUMBUS, GA (WTVM) - "That was my mindset, pretty much, God's gonna take care of me, everything's gonna be okay."

Now at nearly 60, Charline Tolbert Mitchell says with God's help, she should have done a better job taking care of herself.

It's a financial reality check, like many approaching retirement, Mitchell says she doesn't have enough money set aside.

Mitchell's an office manager at a family owned hair salon, but spent most of her life in the ministry and raising her children.         

"Just not taking the time and putting it aside, the money aside.  Life goes on and you go along with it and you're thinking I've got time and before you know it, time has caught up with you," explains Mitchell about why she didn't start saving sooner.

Terry Barnhardt is financial advisor with Summit Brokerage Services. He says he hears story's like Mitchell's all the time.

"They take care of the family for years, they raise the children."  However, Barnhardt adds they often forget the rule that says pay yourself first.

Experts say the earlier you start saving the better, but it's often tough for those who are either self-employed or work at a small business without company sponsored plans.

However, it's not impossible.

"It's never too late, it's never too late, I mean unless you wanna work until you're 95, you better start saving money," says Barnhardt.

Barnhardt says the first step should be to sit down with a professional.

"We have plans that contribute money for them, it's called a purchase credit.  Six and a half percent the first year, 5% the second year."

Barnhardt's biggest piece of advice, though, is simple.  "Don't put it off, don't procrastinate another day."

Mitchell says she was reminded of just that when planning a vacation recently.

"Right quickly, I made sacrifices, I did what I needed to do to go on that trip, that showed me that now, I need to make sacrifices to do what I need to do for my future."

 

Powered by Frankly