MarketWatch: “I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do?”

Aug. 26, 2020 — In today’s MarketWatch article, reporter Alessandra Malito asked CFP® Marguerita Cheng to provide financial advice to a 57-year-old nurse with no retirement savings who wants to retire within seven years.

Rita said: “If you really want or need to get out of your current job though, there are alternatives. You have incredibly useful and necessary skills as a Registered Nurse, and you can use that knowledge and skill set to apply to other jobs, even if it’s part-time or gig work. I understand nursing is challenging and may not be feasible. Perhaps turn your hobby into an alternative source of income in retirement.”

As for types of investments she might use, Rita suggested: “Look toward target-date funds, which allocate a portfolio to an expected retirement date. I don’t want her to allocate her dollars in an aggressive manner, because that can backfire for someone who is not comfortable investing.”

Click here to read the entire article.