MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Ben Carlson: Overcoming A Late Start To Saving For Retirement

TedTed
in Off-Topic
FYI: It would be nice if everyone started saving money early to take advantage of time and compound interest but I can see how people could fall behind when you consider the typical financial lifecycle: paying off student loans, saving up for a down payment on a house, having children, saving for college and all of the expenses that come along with raising a family.
Regards,
Ted
http://awealthofcommonsense.com/2016/12/overcoming-a-late-start-to-saving-for-retirement/

Comments

  • MJG
    edited December 2016
    Hi Guys,

    This is a tough problem that is common to most folks. Normal demands force us to start savings for retirement far too late. This article does a nice job at identifying the issues and some possible approaches to alleviate the situation.

    I was somewhat surprised that Monte Carlo tools were not mentioned as a way to put some numbers on the problem for each of our very specific circumstances. Numbers help in the planning for a savings program. Of course, execution is yet an entirely more challenging matter.

    Here are a pair of Links that I have provided earlier that give access to good Monte Carlo simulation tools:

    https://www.portfoliovisualizer.com/monte-carlo-simulation

    http://www.moneychimp.com/articles/volatility/retirement.htm

    If nothing else, I am consistent. Please give them a look/see. Don't be intimidated by the term Monte Carlo. These tools are easy to use. They just might make any retirement decisions a little more comfortable after running a number of what-if scenarios. Enjoy and prosper!

    Best Wishes.
  • Old_JoeOld_Joe
    edited December 2016
    A good article- well worth reading for those still working. Giving credit where due, just because MJG has tirelessly been parroting the same advice regarding Monte Carlo simulations for ten years (to the point of ennui) doesn't mean that it isn't good advice.
  • Nick_de_Peyster
    Reducing living expenses can make all the difference, and this book is the best at effecting the mental changes that make it possible.

    Nick de Peyster
Sign In or Register to comment.