Mr. Bach, I too want to thank you for your inspiration and suggestions on how to StartLate/Finish Rich. I found your book while browsing in the airport and have been totally caught up in making a direction for myself. I lost my husband 11 months ago and have started on a journey none of us expect to have to go on so early. My husband and I had been on an adventure of life since marrying 18 years ago and did not plan for either one of us being left alone. However, with the help and support of my employer who has allowed me to stay in my present job, I have been able to start saving, pay off all our credit cards, pay off our vehicle and become totally debt free. I have maxed out my IRA with a tax-free deduction from my payroll, have joined a flex-spending program which allows for tax-free deductions for health insurance and $3200 medical expenses. This brings down my earned income to allow me to collect the full amount of survivors benefits with social security. I have increased my actual cash flow and are saving over $14,000 a year which will certainly help my situation.
One of the perks of my job as a resort manager is to be provided housing and utilities. This saves me a huge sum of money each year, but in the meantime, I am not buying a home which is one of the main things you suggest to increase your retirement savings. I am not sure what part of the country I will retire to so therefore, I am unable to purchase a home. I am 62 years old and feel that my best option is to save as much as possible and then when I retire in 3-5 years, I will have a good sized down payment for a home or condo. This is the only part of your life plan that I am unable to do at this time and sometimes, I wonder if I have thought it all through properly. Anyway, thank you for making my direction clear and the answer will be there when I am ready. Wonderful books–have sent them to my son–I want him to get excited also.