Help Me Retire: I’m a 39-year-old single dad with $600,000 saved — I want to retire at 50 but don’t know how. What should I do?

by | Jun 18, 2022 | Stock Market

Greetings! I am a 39-year-old single father of one 16-year-old son. I have $70,000 in liquid savings, $530,000 invested in individual retirement accounts and owe $210,000 on a home worth $500,000. I also owe about $20,000 on my car. My take-home income is $7,200 per month and my monthly expenses total about $4,000.

I do not have a current retirement plan with my job as they do not offer one. My ultimate dream is to be able to retire by age 50, but I most likely will not be happy sitting at home and will want to work. I am looking for the best option for me to save more for retirement and need some advice. Thanks very much for your help See: I’m retiring on my 78th birthday, have more than $200,000 in savings and share expenses with my 80-year-old boyfriend. Will I be OK? Dear reader,  I’m so glad that despite your employer not offering a retirement plan you are so determined to put money away for the future. That’s great, and a wonderful example for your son.  Although it is unfortunate that you do not have access to an employer-sponsored retirement plan, you’re far from alone. One option is to diversify the types of investment accounts you have.  You mention having individual retirement accounts, but you could look into opening a Roth IRA, which is funded with after-tax dollars. There are income restrictions dependi …

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