I've been reading this sub lately and have realized how far behind I am in my savings for my retirement. I've spent 20 years behind bars and have been very irresponsible for the rest of my life. Now I'm 45 and I'm realizing that if I continue this way I'll have to retire with nothing which will suck no doubt. I don't want to be 65 and have a life like this.
I'm making 42K right now. I know I need to up that income, maybe gain more skills and work more hours. I'm looking for a better job right now but can't seem to be able to find it with my record. I have a few friends who work on oil rigs in the middle east who tell me that my record will not be a problem and for someone like me the income will be about $70K and it will be two weeks on and two weeks off. Meaning I can work the other two weeks as well, making more money. But it won't be until next year when they're hiring again.
I've done everything I can to cut my budget. I cut my cable completely and now pay $5 to the neighbor a month to use their wifi. I live in a studio for $400 bills included and it's not a nice place but I'd rather live in a place like this now than when I'm old. I opened an IRA roth last month learning from this sub and will max it this year. I ride a bike to work now so it is exercise and no cost. I don't eat out and don't drink anymore. My job doesn't give me a 401K. After IRA is maxed where do I put money? And was it the right decision to do roth instead of normal IRA?
My math is bad. I really really appreciate it if someone can help me out about how much do I need to save for retirement each month or year, and how much of retirement income that brings me? I can't do the calculations myself. Is retiring in my 60s still possible or will be 70s for me? I just need to know what to expect.
Submitted August 18, 2017 at 02:44PM by 3013Mjklei http://ift.tt/2woLDNr
