I can’t believe I’m closing in on 50. I mean, just yesterday I was a young soldier running around the muddy, frozen German forests. Today, I’m a very young-looking man in his late 40s, which means I’m running out of time to save for my post-work years. And as we all know, time is the one thing we can never get back.
That’s why Carrie Schwab-Pomerantz reminds folks over 50 that they need to get serious and to never give up . Giving up will only make things worse. Schwab-Pomerantz knows a thing or two about money. She is the daughter of Charles R. Schwab, chairman and founder of the Charles Schwab Corporation, a brokerage firm . Schwab-Pomerantz, who entered the workforce at her father’s company at the age of 16, is now in her early 50s and spends her time helping similarly-aged clients manage their finances.
The Detroit News recently featured a great article about Schwab-Pomerantz and her work with folks over 50 and their savings. I love this quote from her: “Financial literacy creates optimism, confidence and action. It truly can change lives and create better outcomes.”
One point that hit close to home with me (I have a two-year-old daughter at home) was Schwab-Pomerantz discussing “a common dilemma faced by parents trying to fund their own retirement and their children’s college education at the same time.” Her advice is straight: Pay yourself first. “You won’t be of much use to your child or anyone else if you can’t take care of yourself. Your child can get financial assistance to pay for college. There’s no loan, grant or scholarship to fund your retirement,” says Schwab-Pomerantz. I actually wrote about this a few months back.
Schwab-Pomerantz offers the following advice to those over 50 (actually it’s for people of any age):
- Figure out your net worth
- Track your spending and make a budget
- Reduce debt
- Create an emergency fund
- Make sure you have enough insurance for health and property
- Create or update your estate plan
- Organize your records
- Review your investment portfolio
- Set up automatic contributions to your retirement and savings accounts
Check out the full article here and let us know your thoughts. Are you saving enough for a comfortable future? I hope I am. I truly do.