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How to Generate Money for Retirement

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More than 40% of people say they don't have enough money saved for retirement. A Dolans.Com member asks: We're debt-free and mortgage-free, but we don't have enough saved. What can we do to be sure we have enough to retire?

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December 30, 2009 4:02 AM updated: December 30, 2009 4:03 AM

There are lots of ways to save money for retirement. However, many, for instance homeowners who are soon to retire are having trouble with it, as until now they still paying for home mortgage. On the other hand, real estate finance companies and banks are beginning to offer 40 year mortgages as well as 30 year, for fixed rate mortgages. (Interest only and Adjustable Rate mortgages are still available, though that seems a bit odd.) The idea behind the 40 year mortgage is to give consumers a little debt relief, but they benefit the loan lenders more than the borrower - the interest rate is typically higher than a 30 year, and the borrower will get a lower monthly payment, but will pay FAR more in interest over the life of the loan.

January 19, 2010 6:04 PM

I am recently divorced. I was married for almost fourteen years. Our daughter if going to be fifteen this summer. I moved out of the marriage when a third party is involved and she and her son is living in the house my ex-husband and I dreamed about. I beleived in tha sanctity of marriage and God. But I had to live in order to leave and save our daughter fom his father who became worst when he met the woman and her son. Because of that belief, I had no savings on my own when I left what's worst all money I have from work as the case dragged on for custody battle went directly to my Atty. and people who loaned me money.

My question is, hence I helped this man save his name and to college, and he is earning a lot than I do, can I claim his retirement pension even if he is not yet retired? What id they get married, do I still have the right to continue collecting even if he have a new wife?

Also, I am in my fifties and never have my retirement savings except my workplace who put a little money for my my retirement. Due to what happened my daughter and I might go other State when she goes to college. Our plan is to buy a small apartment or a small house and I would like to save for this for putting money in my retirement account. This way I will not also pay tax for it as of this stage. Is this the right choice in this economy? If so what kind of investment?

My question is,

February 23, 2010 6:24 PM

We have paid off our home. We have zero debt, no credit cards. My husband is 54 and I am 50. What is the best way to start saving for retirement considering all the economic bank failures and etc? We have our social security and we have our Florida Retirement Pension through my husbands job which he retired from, but we are not spending any of that and don't plan to draw any retirement until we are 75 health willing. For the next 20 years we would like to invest between 500 and 1000 per month towards our retirement. Where should we save it? Thank you

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