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Iā€™m 58 and have no retirement savings. Is my financial life ruined, or is there still hope? | USA Today
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Iā€™m 58 and have no retirement savings. Is my financial life ruined, or is there still hope? | USA Today

One man wrote to a USA Today writer, Peter, about his issues regarding retirement savings. He makes $200k a year and is 58 years old but has no retirement savings. A well-executed plan with significant change can solve this, however. Peter believes that in 12 years the maximum amount you can get from social security at age 70 will be around $4,000 a month. The first step is to contribute $26,000 to your 401(k), which by the time you retire should lead to a total balance of $490,000. The last step is to trim your living expenses down and put the extra into long-term saving assets.

Source: https://www.usatoday.com/story/money/2020/02/02/retirement-plan-boost-401-k

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