Savings For Retirement Wheat Ridge CO

I don't know if you can help me. I may have to be on my own soon. I've saved close to $150K in my personal savings, pension and 403B. I'm 38. I think I have at least 12 years where I can work full-time at the pace I'm going now.

I can save $11,250 per year in my 403B and $6,000 per year in my pension (work pays this), and can save $1,000/month after bills, plus about another $2,500/year due to bonuses and such. Is there any chance I can make it on my own? Will I have enough to retire? How can I learn about investing so that I can make sure I do this wisely?

Thank you,

Pam Silvestri

Dear Pam,

Goal:Retire in 12 years
Progress to goal:Now- $150,000 in savings and investments.
Ongoing-Between you and your employer you anticipate adding to your retirement funding about $31,750.

Bravo for asking about retirement at age 38 and not later. You tell us a little about your situation and it shows that you are an impressive saver. You are doing one of things that is so hard for many people-- saving in a disciplined way.

Will it get you where want to be in 12 years? This is where it gets tricky. What sort of lifestyle are you looking forward to? Is retirement sitting in the backyard and reading? Is it traveling all over the world? One is a lot more expensive than the other

So start with your imagination. What do you imagine yourself doing when you are retired? Will that be a more expensive lifestyle than your current lifestyle? You will have more time available. You will be able to shape your days with a kind of freedom you might not have experienced since childhood. It is a golden opportunity to explore your interests...