3412: Older and Don’t Have a Retirement Plan? Do This by Christina Browning of Our Rich Journey on Future Savings

What It Covers

Christina Browning provides eight actionable steps for people in their forties, fifties, or sixties who lack retirement savings to build financial security before retirement.

Key Questions Answered

• •Retirement calculation: Estimate annual retirement expenses using your current budget, then multiply that number by 25 to determine the total investment amount needed to achieve financial independence and retire comfortably.
• •Age advantage contributions: Workers over 50 can contribute higher amounts to retirement accounts like 401ks and IRAs, reducing taxable income significantly while accelerating retirement savings during critical final working years before retirement.
• •Housing cost reduction: Housing typically consumes 30 percent of expenses, so downsizing to smaller properties, relocating to lower cost areas, or renting extra rooms through Airbnb can free substantial funds for retirement investing.