Non chex systems bank and Rants

A few days ago I came across an interesting article in response to a reader who claimed nearly 50 years have not been able to save a penny during the more than 20 years they have working in this country.

The most interesting part of it was that the answer to your concern was not entirely disappointing: Even approaching 50 years old with zero dollars in your bank account can still have a decent retirement. But how?

The answer was clear: we have to start saving but! If you’re getting close to 50 years old and have a steady job, you may still remain some 10 years in active employment. This means that if you can even save about $ 250 every month for the next ten years could have a cushion of about $ 43,000 at the end of that period (considering a return rate of 7% if you put it into an IRA or a 401 (k )

Now if you can increase that amount to, say, $ 500 each month would end up with about $ 86,000, which already is not bad for a retirement more or less manageable. The secret here is always, always, think of saving as much as possible, and although returns are not so generous, remember it’s better to have a financial cushion (albeit small) that have nothing to back you up.