Is there hope for me…
I know that Mr. Slot has great solutions for people who have already saved money for their retirement, but what if you have nothing saved.
I am 43 years old and have just recently gone back to college to become a registered nurse. My projected graduation date is Spring 2012. I am a single mother of an 11 year old boy, and instead of saving at this point in my life, I am racking up about 10K a year in student loans (half of which is unsubsidized). Is there hope for my financial future as far as retirement goes?
Sincerely,
Michele[/u]
Permalink Submitted by Alan Spross on Sun, 2008-09-21 23:38
Of course, but you will need to make the most of your RN credential when you receive it. There is tremendous job security in that field as the supply of RNs will probably never meet the demand. That will help keep your salary rising. The retirement age when people actually retire has been rising for the last decade and will continue to increase, so if you have to work into your late 60s or even beyond, you certainly will not be alone.
In the meantime, you will have to be frugal with your spending and spend money mostly on what you really need rather than just want to have. After being employed, take advantage of any retirement plans where you work and if none, make IRA contributions. Pay off the higher interest student loans first.