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Question for the Money Doctors

Question submitted on Dec 4, 2013.


I am a 65 male with no retirement money were do I begin


Good question. This will depend upon many factors. This includes your financial goals, your personal goals, your health condition, your required living expenses, and your current income.

If you have no retirement money, I assume this means no IRAs, 401(k)s, or pension. I assume you have worked enough to qualify for Social Security and Medicare.

Like everyone else, I recommend you assess your financial position. This means summarizing your assets and liabilities. Do you have outstanding debts? Do you have a plan to pay off your outstanding debts?

Do you have enough set aside for a cash reserve? We usually suggest at least six months to a year's worth of living expenses.

Are you healthy enough to keep working? While you are still working, you can still put money into retirement accounts. You''ll have to figure out which is the most advantageous for you - IRA, 401(k), Roth IRA, etc.

Do you have children, grandchildren, or spouse? Are there any financial planning concerns regarding family members?

Unfortunately your question is not specific enough to provide a specific answer, but I hope this will get you started.

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