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Retirement is supposed to be the reward after decades of work. But for millions of Americans, the bigger concern is whether they'll ever be able to afford it. That's especially true for people who got a late start building wealth, whether because of low wages, career setbacks or debt.
After years of struggling to break into the profession he studied for, one 53-year-old man is finally working in accounting. He said on Reddit recently that despite earning both an accounting degree and an MBA, he spent years in fast food because he "couldn't get anyone to give me a chance for an accounting position." With just over $1,000 saved for retirement, he's now asking: "Probably not gonna be able to retire, am I?"
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The man said he recently started building both an emergency fund and retirement savings after spending years earning just enough to stay afloat. Earlier this year, he landed an accounting position at a small firm paying $45,000 a year.
He described some positive progress. His credit score is above 600, he has started an emergency fund, and he's contributing $700 per month to a traditional IRA.
But he also faces major challenges, as he has about $147,000 in student loan debt.
Looking for a way to make up for lost time, he said he hopes to earn his certified public accountant license and potentially open his own accounting practice later in life. He asked fellow Redditors how he could put himself in a position to retire before age 75 or 80.
Many commenters argued that his situation is difficult, but far from hopeless.
Several people told him that increasing his income is likely more important than trying to squeeze a few extra dollars into savings. "Either getting raises or leveraging [the current position] to find a better job," one person advised. "Side hustle when you can, and see if you can get that CPA without adding more debt."
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Others pointed out that accounting professionals can often earn significantly more than $45,000 once they gain experience, move firms or advance into management roles.
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