How to start investing for retirement in your 50s
Readers strongly reacted to our interview with New York Times reporter Gina Kolata. Kolata talked to us about studies that say “food deserts” in urban areas are a myth. Several of you suggested that she needs a reality check, while others provided her with grocery store suggestions in her hometown of Princeton, N.J. (Kolata said that even wealth Princeton would be considered a food desert)
Tess and Paddy also clarify the purpose of the FDIC, something that the finance instructor featured in our story about the Banking on Our Future project didn’t get quite right. There’s a Whiteboard video by Paddy explaining the FDIC right here.
Jill Schlesinger of CBS MoneyWatch joins us again to help a 53-year-old single mom start her retirement. While Lisa of Kentucky may be starting a little late, she is not too late! Jill assured her that she is NOT the only person trying to rebuild their retirement in their 50s. Lisa, like many other Americans, suffered salary cuts and eliminations of retirement matching programs. Jill did suggest that Lisa prioritize an emergency fund before investing for her retirement, so she’ll have easy access to money in case she gets laid off or is hit with an emergency.
For more, click on the audio player above.
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