Question for the Money Doctors
Question submitted on Feb 24, 2020.
QuestionYes hi money doctor,, i have a questio about saving for retireemnt and getting an emergency fun going . i current make $45,000 a year and im 54 years of age . i only have like $1000.00 in retirement savings and no emergency fund. I work in the service industry so all my income is in cash.
I receive a small paycheck every two weeks for like $50.00 because all my income is in cash) . What guidelines or planning materials should i follow and can you direct me ?
My question is what percentage should be saving for my retirement in my Roth and what percentage of my income should go into emergency fund.
What guidelines or planning tools can i get my hands on to help me.
Are there other things i need to be concerned with as well
Just cant seem to save,
Unfortunately, this is a much larger question than can be adequately addressed in this space. However, my first suggestion would be to establish and follow a monthly budget. Sites such as Mint.com have free online budgeting tools. Then, assuming you do not have any revolving debt, set an amount for your emergency fund and fully fund it.
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