If you don't save anything for retirement because your lifestyle. What advice would you give?

I can not save for retirement because I have a combining debt of $63153.2(student loans, credit cards)


I promise my whole family to pick the tab of the education of my siblings and when my parents get old pay for ther retirement for the rest of their life. Under that condition when I was 18 I sign a contract promising to pay my siblings education and my parents retirement. Part of the condition included my parents paid in full the education for me and living costs for 10 years.


I have been analysing my life, our lifestyles. I have to pay for my siblings up to $20000 a year. Once they graduate approximate in 5 to 10 years for all of them. My parents will be aprox 70s. And I will be starting to pay for them. Lets say they live 100 which is possible. I will be in my late sixties at that time with no savings at all.


Should I expect the social security as an alternative?


I graduated this may at the age of 28 with a bachelors. I just get an employment wich will pay me 41K a year.If you don't save anything for retirement because your lifestyle. What advice would you give?
I strongly advise that you do a budget and stick to it. Maybe go out less often or cut back on shopping.


Social security will not pay out that much each month.





For retirement, I would get a Roth IRA and put away at least $200/month.


For your kids education, I would seek a 529 plan.


For your parents, they should seek a variable annuity. It guarantees to pay income for life when they retire.If you don't save anything for retirement because your lifestyle. What advice would you give?
Live fast, die young and make a good looking corpse.
There will be no social security by the time you retire. Be prepared to live out your retirement in poverty.
1. The contract you signed at age 18 is probably unenforceable, in fact, probably not itself a valid contract, because you gave no ';consideration'; as part of the bargain. I don't think you are obligated by that contract.





2. What about scholorships and work/study for your siblings?





3. Parents don't ';own'; their emancipated adult children. If you feel totally responsible for them, then, I guess, you owe them a 35 year old house trailer sitting in your driveway. They can live there and cook their own food and stay out of your way and your house.





4. Don't expect ever to get a social security check. You're ';too young,'; the cupboard will be bare by the time you're in your sixties.





5. Open a Roth IRA now and put the maximum amount of money into it each year.
I'm left wondering how you ended up in an agreement like that. Why would you be responsible for paying for your siblings' educations? I guess you agreed to it, and you did get ten years of expenses and an education... but that's a big decision for an 18-yr.-old to make, and it does not sound entirely fair to me.





You have to work off the credit cards first, then the student loans, before you can consider any kind of savings or investments. If you don't, you're just kidding yourself, as you can't save money while high-interest loans are growing on you.





Congratulations on the degree and the new job. You'll need more than a 41K salary to make your situation work, however. If the agreement is binding, either legally or, to you, ethically, than pay off the debt as fast as you can and then consult a finance expert for your next move. And good luck. :)
get the book ';your money or your life'; by joe dominguez and vicki robbin, and read it, from the library if you can.
You didn't sign a very good deal, there. I hope you like the profession you choose because it looks like you'll be working until you drop.





Realistically, though, you could end up being able to pay of your debts. My father took an early retirement, then worked part time until he turned 60. Now he still does occasional jobs and lives comfortably on his social security. We help him out, so maybe you'll have kids that help you?!? It's a thought, anyway.
I would not count on Social Security because at this rate, there won't be any by the time you need it
well because of your lifestyle I would assume your living for the now, and not the future, guess you'll have to pray social security stays in place and be a walmart door greeter till you can't no more.