‘I have almost no retirement savings’: I’m 57 and have $8K in my 401(k) and $17K in my IRA. Have I left it too late?

Dear Quentin,

I read

your column regularly. I’m hoping you might be able to give me some advice. I’m 57 and inherited some money last year. It enabled me to start saving the maximum in my 401(k) and in a Roth IRA. I have almost no retirement savings.

Currently, I have $8,000 in my 401(k) and $17,000 in my Roth IRA. I’m contributing $8,000 a year to both. I am using a $50,000 inherited IRA to fund the Roth by taking out about $5,000 per year over 10 years. To come up with the rest, I’m using my $3,000 annual bonus.