Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com
Feeling like I am in dire retirement straits. I am a married 35-year-old father of four and provide 95% of the income for my family. Most of my career we have lived paycheck to paycheck. I have managed to save approximately $135,000 in retirement funds and we have a rental property, which could supplement our retirement.
The fact that you’ve already amassed $135,000 with a family of six and while living paycheck to paycheck most of your career is a great feat, and it’s obvious you care about ensuring your future financial security—good for you. Right now, you may not want to work with a financial adviser, but in the future it is worth considering. They could help you achieve any financial goals you have with input on investment positions and contribution amounts, and they can also provide peace of mind for when you’re worried you’re not doing enough.Also keep perspective.
The first: Earn more. The second: Spend less. Sometimes people feel like they can’t do either in their current situation—and that’s completely fine too. You also shouldn’t deprive yourselves of everything you may enjoy, so if you’re living within your means and you’re spending on what you and your family need and care about, keep at it. But while you’re in this moment where perhaps you can’t earn more or spend less, take the time instead to make a plan for your money.
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