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I'm 58 with $58K, How Can I Retire? Thumbnail

I'm 58 with $58K, How Can I Retire?

Insights Investment Retirement Funding Retirement Planning Social Security

Paul and Elaine are 58 years old.  So far they have saved about $58,000 for their future.  What can they do to plan for retirement?  We take a look at some basic concepts to help them get on the right track with their retirement planning.  

Paul's Question...

I’m 58 years old and have a little over $58,000 in my 401k.  My wife, Elaine works but doesn’t have a retirement plan at work.   Combined, we make about $85,000 per year, (Paul earns $60k, Elaine makes $25k).  We have about 17 years left on our mortgage and the payment is $1,100 per month.  Currently, I save about 5% of my pay in my 401k, because that is all my employer will match.  I checked with Social Security, they estimate my benefit to be about $2,100 per month, and Elaine’s at $1,350. How can I Retire?

Watch Now:  I'm 58 with $58K, How Can I Retire?

  • 0:00 – Intro
  • 0:19 – Disclaimer
  • 0:54 – Tip 1:  Make a Good Decision About Social Security
  • 2:51 – Tip 2:  Save More
  • 5:33 – Tip 3:  Eliminate Debt
  • 6:54 – Tip 4:   Consider Using a Roth 401(k) or Roth IRA
  • 9:21 – General guidelines if you’ve started planning for retirement later in life.
  • 11:11 – The importance of understanding cash flow.
  • 13:00 – Outro

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The Impact of Saving More

Although, Paul and Elaine don't have a lot of time to benefit from compounded returns, saving more will help.  This graph demonstrates how their nest egg improves if Paul increases his savings from 5% of his pay to 15% of his pay.

It won't be easy to increase the amount they save.  It will require a shift in their priorities and they will have to learn to live on less.  But it can improve their retirement picture.

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Appearing in this Video...

Todd Kimpel, CLU® ,  ChFC®
Todd is a financial advisor with more than 4 decades of experience helping people plan for retirement and manage wealth.  He is located in Wheeling, West Virginia.  
Andy Dollman
Andy is a financial consultant in Parkersburg West Virginia.  He has been working to help people plan for retirement for 3 years. 
Neal Watson, CFP®
Neal is a Certified Financial Planner™ Professional in Marietta, Ohio.  He has over 25 years’ experience helping clients create financial plans and manage wealth.