So at the tender young age of 35, I find myself basically starting from zero saving for retirement.
The reason is that I recently left the military, and originally had planned to serve the full 20 years. For those who don't know, the military offers a pension retirement plan for 20 years of service. You don't have to pay anything into that, however the catch is if you leave before 20 you walk away with nothing. All I'm walking away with is roughly $30K in a savings account (I know--stupid!)
I currently make $80K at my new job. And while that's a lot more than I made previously, I'm basically at zero for retirement savings. I'm dumping a high percent of my salary into 401K but I fear it won't be anywhere near enough. If I plug numbers into a few 401K Calculators on Google, it doesn't seem I'll have enough by the age of 65 to live off my distributions for the rest of my life. And I have no desire to work until I'm 65 either, I'd prefer to retire in my late 40's or early 50's if at all possible. So as you can see I'm kinda faced with an impossible situation.
The only ways out I can see are to either open a personal IRA and maybe buy some individual stocks too, and hope to be smart with it all and multiply my retirement savings. The other option I was thinking about is possibly a "side hussle" of writing technical books and publishing them on Amazon, hoping to make a small fortune. The latter sounds childishly naive, I know. But I've actually had some success writing technical stuff for my chosen profession and the technology used before. A lot of stuff I've written is official doctrine at places I've worked in the past, so I started questioning if I could actually profit off of it.
Submitted April 18, 2017 at 08:20AM by Problemswithpassport http://ift.tt/2oI7GKW
