How to save for retirement?

Single woman, scratching below poverty line, even though working full time, with no families – no parents (diseased), no children. No savings to speak of.

Best Answer:

JK: Simply do it.
The sooner you do, the better you will feel once you hit retirement age.

It is easy to continue to not save, even when you think that you can't but spend money elsewhere.
Yes, I have made minimum wage in the past, and yes it really, REALLY stinks!

I'm just suggesting a couple of things that people do in order to save money.
– If you have something like cable/satellite service, stop paying for it, if you can connect an antenna to your TV. They can be bought for $80-$150 for an antenna that can reach for 100 miles or more. That will be your last cable/satellite bill until you can afford it and you can still receive TV signals in Hi definition.
– If you buy breakfast/lunch/dinner, consider making it at home and putting it in a lunch box along with an ice pack to keep things warm. Or a thermos for things like soup heated up at your house/apartment.
– If you are spending too much of your paycheck on a place to live, consider moving farther away from work since it may cost less if you are in a major metropolitan area. If you live in the city and take public transportation, then you may not want to do this.
– If you are spending too much of your paycheck on driving expenses (car payment, insurance, gas, oil changes, etc. – no more than 10% of your income), then consider getting rid of your car payment, looking for cheaper gas on your daily commute, doing the oil changes yourself).

If you are at poverty level (about $11,800/year for a single person in 2016), if you save 5% of your pay it would be $11/week or $22 every 2 weeks.

Save it in a Roth IRA that you can open up at any brokerage company like First Fidelity, Charles Schwab, etc. You can start saving as little as $1 in an account that you can open up online. You may not be able to invest in the "stock exchange index funds" until you get up to $2,500 or so, but you would be surprised how fast you can get up to that level. They will pay a small amount of interest on the money you put in there since it is in a "cash position", which means that it is not invest in anything.
If you get a pay raise, put 1/2 of that into the Roth IRA. Keep doing that until you can put the maximum amount into the account which is $5,500/year for a single person.

When you do have enough money to invest in a mutual fund, do that and don't touch it until you're close to retiring.

The best of luck to you! 🙂

Update: If you are 40 years old, you should consider finding employment at another company that pays you more. The sooner the better in all honesty. Even fast food restaurants pay $7.25/hr in most states (excluding Georgia, Wyoming, Alabama, Lousiana, Mississippi, South Carolina & Tennessee), since that is a Federal guideline that the companies are required to follow. Good luck!

Other answer:

you need to have a plan from day one with the first pay check that you will save some of it for retirement
as you get better jobs, put more and more into this retirement fund and invest it in a good paying program you can't lose any money with
Every dollar that goes through your hands impacts your current life, and future retirement, Preserve what little you have by not incurring late fees, interest, bank charges, etc. Then add to your savings every month, even if it is only 5% of your take home pay. {Pay yourself first.} Use credit cards wisely.
work a second job. put away 30% of the second job take home into a ira and also some into investment account into stocks which pay a dividend. I found that working a second job lifts the economy of your personal savings, at least try it for a year.
Lou C. Ferr:
Pay yourself first. Max out your 401k. Take 10% off your check and put it away. Learn the difference between a WANT and a NEED. And never live beyond your means.
Start young.
I Ain't Got No Worries.:
You should talk to one of the financial advisor who could help you.
Love big words:
Use magic, and prayer.

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