I'm 34, recently divorced, no savings, no 401k, no investments.
My current living situation is such that I'm not paying rent or utilities. I have child support, my car payment, and my phone bill.
I'm paid bi-weekly and have about $1000 per paycheck that I intend to start socking away in savings because I need a safety net before I can really start doing anything else with that money.
But eventually my living situation is going to have to change, so that $1000 is going to get eaten up really quickly once I have rent, electric, gas, and internet to pay for. In fact, probably all of it is going to evaporate, so I'm trying to take advantage of the opportunity I have now.
Feels like unless I can find myself in a position of OE, I'm pretty screwed as far as retirement goes.
Do I have any hope of retirement?
byu/TheStrangeHand inpersonalfinance
Posted by TheStrangeHand
5 Comments
In the current situation? If you don’t change anything? Like if you’re making under 2k a month for 20+ years? Yeah no, probably not.
I really didn’t start saving until I was 40, am now retired. I read a few books about saving. Personal Finance for Dummies and Suzy Orman were really helpful. Make sure you get the most recent editions. I started doing pet sitting as a side gig to put money aside. You can do it. Good Luck
Not happening. I would if this happened stop renting and get a very big truck or van and build my home there. The $1K in rent can go into your pocket. Then quickly figure out a way to come up with making more money and also maintaining the vehicle.
You’re not doomed, but this is the exact moment where the next 12–24 months matter a lot.
Since you currently have no rent or utilities, I’d treat that $1,000 per paycheck like a temporary rescue window. Build a basic emergency fund first, then start using any employer match if available, even if the amount feels small. The habit matters.
Also, don’t assume retirement is impossible because you’re starting at 34. Starting late is not ideal, but it’s very different from never starting. Your biggest win right now is avoiding lifestyle creep before your living costs increase.
Short answer, yes.
Long answer, I was broke AF and barely had the ability to learn finance, be frugal, and start saving and investing staying she 34. I too was scared about the future and investing and retiring. 34 is still considered early, you’ll find many after 50+ that have not started saving for retirement yet. On hindsight wish I made better financial decisions in my 20s, but I’m confident I made better financial decisions starting after 34. You are still early imo, learn from your past and your regrets, but don’t worry. It’s still early and you can make a difference starting after 34. I’m planning to retire before 60 at the latest. YOU GOT THIS. Yes, you should be fine at 34.