Ask the Money Coach: Are You Ever Too Old to Start a 401(K)?
Whether it’s you or your grandma, here’s what you need to know about saving for retirement.
As we prepare to celebrate the holidays and get our swerve on with all the various Black Friday sales, let’s make certain to stick to a budget and take care of what is important — you!
Here are some great tips from Lynnette Khalfani Cox, The Money Coach, on how to start a 401 (K) regardless of age and income. Also, here is a formula on calculating exactly how much will be needed for retirement.
A reader of AskTheMoneyCoach.com wanted to know whether or not it’s a smart decision for them to launch a 401(k) or 403(b) investment plan later in life. The person asked me simply:
Q: “Should I start a 401(k) or 403(b) investment plan at 63 years of age?”
A: Yes! Actually, I think it can be a good idea to start a 401(k) plan at any point during your working years. You may know that a 401(k) or 403(b) is an employer sponsored retirement savings plan. But you may not know the full range of benefits associated with these plans.