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Question for the Money Doctors

Question submitted on Apr 4, 2011.

Question

How much can I save for retirement when I earn $11.00 per hour and work full time?

Answer

Based on the information provided you make roughly $23,000 per year. 

If you are single, I would recommend saving $10 to $15 per week.  Saving the money each week is the easy part.  Spending the money is the hard part.  If you really want to save for retirement or any other goal, you must be persistent.

If you are married or have children, the task becomes much more difficult because of the obligations you have towards your family. 

If your company provides a retirement plan, you should ask if you are eligible.  If your company does not provide a retirement plan, you should sincerely begin looking for another job that provides some form of retirement plan.  There are many companies that provide retirement plan benefits.  Continue working at your present company but actively look for an alternative. 


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