I have no retirement savings, I'm 49 year old woman,What is the fastest way to save 100,000? Any investors?

I have no investment savings because of dead-end jobs closing or down sizing. I would like to know how much I need to save monthy to have $100,000 in 5 years. YES 5 YEARS. I would like advice not only in the area of investments BUT how much would it take EACH DAY in quarters to save $100,000 IN 5 YEARS? HOW MUCH WOULD I HAVE TOWARDS THE $100,000 IN 1 MONTH AND/OR 1 YEAR IF I SAVED IN QUARTERS? This question is for anyone who is scared as well that they won't end up with anything because of dead-end jobs downsizing. Any investors or savers please respond.PLEASE WITH SERIOUS ADVICE ONLY! THANKS IN ADVANCE.

Quarters? Surely you are kidding us. You will need to save about $17,050 annually. In quarters that is 68,200 a year. Daily, about 187.

Now you will have to invest those quarters in decent investments to hit the $100,000 mark. When you accumulate about 12,000 quarters, you will need to invest them in a good mutual fund or a broad based index fund. Actually, with care and a decent investment plan that strategy might actually get you to that $100,000 in a shorter time than one year. Here are a list of some good mutual fund companies to use for your investments. Do not put it all in one fund. Invest in about 6 to 8 different funds with different investment stategies.

Fidelity Funds

https://www.fidelity.com/

T Rowe Price Funds

http://mutualfunds.troweprice.com/?rfpgi...

Royce Funds

http://www.roycefunds.com/funds/index.as...

take out a private pension now before your too old.

$100,000 will not be enough for you to retire on in 5 years
also
you cannot collect Social Security until you are I believe 66


you will need to save at least $450- $500 a week to obtain your goal

UK forum, so I assume 拢 not $.

A simple divide of 拢100k over 5 years is 拢20k / year.

This is within the basic rate Tax band, so I'll assume you get Tax Relief at 22% this year (and 20% from next) == i.e. your annual take-home Salary is greater than 拢20k.

I'l assume Rate of Inflation 3% == same as your annual pay Increases. I'll assume your Pension Fund is invested in high interest Bonds or similar any increases at 6% (i.e. 3% over Inflation).

You have to save approx. 拢15,000 (after Tax) a year (拢288 week) to get a fund of approx. 拢101,500.


Typically this will give you a Pension of approx 5% 101.5k = approx 拢5000 per year (at 65).

EDIT just noticed your AGE ! ... Early Retirement at 55 will approx halve your Pension = on 100k it will be more like 拢2300 !

(Or you can take a tax Free lump sum of 25% (= 拢25,000) and a reduced pension of approx 拢1700)

I don't think you can afford to Retire Early .. even if you manage to save 拢15k per year for 5 years you are still going to be working untill 65 ... (or sign up to a Dating Agency RIGHT NOW ..)

500 dollars every week, will be kind of hard if you hv a regular job and responsibilities around you! but why dont you start a business then so that you can sae enough in a short period of time.

You should be able to get 4.5% interest in a savings account so let's use that to calculate your answer. Also, we will compound monthly as many savings accounts do.

Future value (FV) = pymt (((1 + i)^n)-1)/i

FV = $100,000 (your goal)

pymt is the saving amount per month

i = 0.045/12 interest rate in monthly terms

n = 60 months

100000 = pymt (((1 + 0.045/12)^60)-1)/(0.045/12)

100000 = pymt * 67.145552

pymt = $1,489.30 is the monthly amount you would have to save to reach your goal of $100,000 in 5 years.

In daily terms you would need to save

$48.96 each day.

I used 4.5% interest rate, the amount would be a little different for other interest rates, but not significantly.

You may receive advice to invest in stock mutual funds, but be careful with that. That kind of investment will serve you well for the long-term, but in the short-term, with stock market fluctuations, you may come up short in five years.
.

get a high paying job like job that pays 100k a year. as for saving, i heard its harder to save than to start a business.

Sell your house and rent.

SO its not as bad as you think
Do not worry about savings
develop an asset over the 5 years
start a business
hire some people
have a 5 year plan
sell the business for 100k in 5 years
it could be worth more
do not be afraid to buy good help
you won't want to retire if it goes well.
JUST DO SOMETHING YOU LOVE

To accumulate $100,000 in 5 years, assuming you do it in a tax free savings a/c paying interest of 6%pa, you must pay in $1433 pm. or $333 per week
If the interest is 5%, you will have to save $1469pm, or $342 per week

The size of your contributions depends on what return you expect to get from your investments. The daily contribution you would have to make over 5 years to get $100,000 at the end is:

Annual return rate Daily Contribution
4.5% $49.08
5.0% 48.48
6.0% 47.31
7.0% 46.18

You may also be interested in learning what this buys you. At 55 you could go to an insurance company and buy an annuity contract. This would pay you a monthly income for the rest of your life in return for a single payment. This, of course, depends on investment returns as well:

Annuity rate% Monthly income
4.5% $519
5.0% 550
6.0% 612
7.0% 676

This is a level payment for the rest of your life and, as a result, provides NO inflation protection after you retire. If you select a contract with some form of inflation protection, the income amount would go down quite a bit.

If you went out to get such a contract today, you would probably be looking at the 5% scenario. I am assuming female mortality here. Male mortality is worse than females so the equivalent income levels would be a little higher.

Advice: Five years is way too short a period to invest for retirement. If at all possible, push back your retirement and save for a longer period of time.

Note that this analysis ignores social security which is first available to you at age 62. It also ignores retiree medical which is often a very important issue for retirees since Medicare in the US is not available until age 65.