What 50-Year-Olds Should Have Already Done to Prep for Retirement
Financial planners frequently tell stories of clients who visit seeking advice only weeks or months before their planned retirement. Some people have already submitted their retirement papers when they first meet with a financial professional.
That's way too late. Some people in their 50s and 60s have neither the savings nor the income to retire. They will need to continue working or drastically reduce expectations about their retirement lifestyle. You don't want to learn these cold, hard facts just weeks before your planned retirement.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
