Hi,
I've found that many things can happen to any retirement that are beyond your control, i.e. savings lost due to hospital bills, company with retirement program goes bankrupct and you lose your retirement, etc. Another thing to understand is that after 50 far too many employers will not hire you, regardless of your expertise and experience. To many interviewers fear you taking their place as you are more qualified than them. Sounds rediculous, doesn't it. Well, it happens. I know.
If by 50 you have little or no savings, no retirement plan, little income coming in, have medical issues preventing employment, etc. than you are going to have great difficulty in saving enough money to retire on, even if you don't plan to retire until age 65.
Example: A very simple example. You want $40,000 per year retirement. To do so, you need a minimum of $1,000,000 that earns at least 4% interest and pays out 4% and the principle must be safe. You need this to safeguard your investment/savings. Most seniors do not have a fraction of this saved/invested. If you are able to work and can find work, even part time, do so. Don't waste money on cable TV, cell phones, eating out, pay for childrens bills or co-sign for their loans, or things to out do your neighbors, etc. You can't afford them and you don't need them. Don't use credit or debit cards. Every dollar counts. Don't invest in the stock market, purchase anuities, etc. Those with little money very rarely make anything in these endeavors and you can lose every dime. Use instead banks, savings and loans, etc, to save money in. Put as much money as you can (first, save enough in regular savings for easy access) into CD savings plans. Don't put everything in one CD. As interest rates climb, put some more money in these CD's, too. It's called ladder savings. Plan, plan, plan. I planned my retirement at age 14. Honestly. It worked and I retired at age 40 from the military. This retirement allowed me to find work I liked and with people that I liked. But, companies do closed their doors. After the second one closed, I was past age 50. What I said earlier occurred. Fortunately, we saved before age 50 and some since. We've been lucky in that we have no mortgage or any other loans. But we planned to do this and kept in mind that the unknown can hit and change everything. If you are married and both are healthy, both might need to work and you can save one of your salaries. You might have to skrimp for several years until you get to the age to apply for Social Security. If you have a company pension, 401K, etc. but know it won't be sufficient to retire on, do some of the things above. Use government assistance. After all, you've paid taxes and now you need some assistance.
I hate to be negative. But, there is also a positive in knowing the situation you are in. One can still plan for and have a better retirement if one sits down and realistically looks at their situation. Talk with your spouse, adult children, close friends, even banks. They may have the right idea that works for you.
Good Luck!
Don't give up! There is always something you can do.
