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Originally Posted by rduell
I have a question for those of you who are retirement investment experts. 
A friend who is a pastor is 55 and they have JUST started saving for retirement. They have a little over $5500 in a savings account earning .5%. Yes, that's the correct percentage. Less than 1%!!!
He is putting $10 of his paycheck each week into this account. They opted out of SS at the start of his ministry so they cannot count on anything there.
What would you recommend for them to do? His net pay is $30,000 a year which is about average gross salary for this area.
I would like to have something to recommend to them (if asked, of course  ), but have heard that others have tried and not gotten anywhere. They seem to be leary of any change in circumstances and have been reluctant to move the money from the "safe" savings account they have it in. |
Oh, my. Thats scary. And I thought I got a late start. I didn't start saving for retirement until 5 years ago, when I was 37 y.o. And that's because I got a job with a pension.
I am afraid your friend will be working until the end. I am really afraid for his wife. What will she do if he passes away before her?