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Question for the Money Doctors

Question submitted on Feb 24, 2020.


Yes 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 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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