Saving for Retirement... I'm trying to save for my retirement but I have about 20k in credit card debt...

Is OP suicided yet?

>bumping for real advice

I just gave your old ass some real advice!
My brother is a gas engineer, sometimes he gets jobs where he has to turn off the gas supply at the house of some old fuck that's just died. He'll always find cash stuffed behind the radiators or some shit! What is it with you stupid old farts saving to die?

I'm not going to tell you my whole life story user. But I did have quite a bit saved up until recently. I have a great career and a happy family but they don't realize I'm barely keeping my head above water. I've been counselled to file for bankruptcy but I have a near perfect credit score and don't want to mess that up. So what advice do you have for me?

Run up as much credit cash advances and loans as you can. Don't spend it, invest in good crypto projects. Wait a few years, launder via monero. Declare bankruptcy. Enjoy retirement.

How the fuck did you work that long and not start a 401K?

You're gonna be working as a greeter at Walmart, dummy. You're not retiring. Get over that silliness. SS isn't enough to live on, comfortably, unless you want to be dirt poor, plan on working until you physically can't. And you better pray SS holds up until you die, or doesn't get changed.

Bought at 18k, did ya? :D

over 60 and you want advice from biz?
nice larp

Your generation has a lot of good ideas, I don't see the problem of seeking help from Veeky Forums

60yo on Veeky Forums kek No way.
They dont even know about youtube yet

GTFO you loser boomer lel

>already has what he needs
Hope!
Im 36 and networth 60k no house no land
>tfw losing hope

Ok gramps, here's what you gonna do
- Get rid of the debt as soon as possible
- Max your 401k
- Sell your car and buy and old toyota
- Sell the house, and buy a small one
- Try to work extra hours and save as much as possible.

With above steps you could retire at 67 ..

this

Fuck off, they have always been part of Veeky Forums, you are the newfag who needs to go back

>I make good money
>20k of debt is enough to make me consider ch11

Neck yourself larper. 1000 bucks a month and it'll be gone in a few years.

It was over 50k that wiped out my savings. The question is whether to rebuild slowly or just declar bankruptcy and get back to saving

How much do you earn in a year? You're really gonna want to save as much money as possible, but you don't have enough time to let compound interest do its magic, so this is going to be tough. Also do you have a family you're living with?

Your credit card debt isn't fatal. You just need to try and restructure it into a deal with lower interest rates, and then clip your card so you don't have to do this over again.

You havent the time. Declare and reset to maximise what time you do have

Around 40k after taxes
No 401k and I rent instead of own a house

It sounds like you don't have much to leave to your kids, so ignore the debt. If you still have outstanding debt when you die, then the creditors will wreck havoc on your estate. But if you've got shit net worth then they'll just have to ignore it. Negotiate the debt so that it's as low of a payment as possible, over a long period of time, and spend save all the money you can into your retirement account. You may have to get a part time job while you're retired and collecting social security, but it's honestly not too bad. Most old people go insane from the complete lack of stimulation retirees get.

Could I get a quick rundown on your living expenses? That's going to be a very important topic as you might be forced to downgrade your standard of living unless you're able to save properly.

You don't own a house? Do you outright own a $60,000 car? Why the fuck haven't you declared? If you're asset poor bankruptcy court is a breeze and you can actually get your damn head above water before you retire.
DO IT FAGGOT.

Pretty basic living expenses
No car payment
$100/month grocery bill
$100/month in electricity/internet/Netflix
$100/month in gas
$600/year in car insurance
$600/year in car maintenance

I want to keep a good credit score because I have to cosign for the kids sometimes.

sell drugs on mass.

>get rich
>go to fail

win win situation for your age.

>cosign
Nobody does this. LARP detected.

Sound advice

$4800 a year is outstanding. You must get SNAP or something already. Anyways, if you want to salvage your credit score then put your car as collateral in a debt consolidation. At that point you should be able to significantly reduce the amount you pay.

Do you have a guestimate of how much you'll be able to save per year and how much social security you will receive?

I don't use welfare but I might have to use SS soon. I think the limit for collateral on bankruptcy is the first $25k in assets. So that leaves me with the car and my belongings. It would save me about $3k a month in credit card payments to do chapter 11 now.

Kids are in college. They need everything cosigned.

What's your rent payment? It sounds like you should be able to get out of this relatively easily within a couple of years.

Rent is pretty expensive
$1000/month and going up fast

If you're willing to move into a smaller more affordable dwelling then that'll be able to help out big time. Was your rental contract not for a fixed price?

Regardless, based on what you've said then there's about $10,000 of disposable income per year available, if you could funnel $7-8000/year into paying off your debt and then into savings/investments once the debt is paid off then you'll be able to get a good start at retirement. Admittedly you could have made some better choices along the way but that's irrelevant now. Last thing I'd suggest is a second job if you're willing to consider it, a lot of older people like having a part time anyways since it's something to do.

There literally isn't anywhere cheaper in the area. I've been checking constantly. And I'm glad it seems feasible to finish paying off this debt. The more time I have to start saving the better.

Save your money kids. In any emergency, you've got to have all bases covered.

I'm not talking about bankruptcy, I'm just talking about negotiating the debt. You can go the bankruptcy route if you'd like, but it will hurt your ability to co-sign. Also wouldn't you do chapter 13 bankruptcy?

RIP gramps.
I'm pretty glad I'm not you

OP you need to go breaking bad style start pumping shit out.

Getting 5150ed is not a fun meme

Damn imagine being old as this fuck lmao

>parasitic family that just takes from you
>no saving
>you probably put a couple of kids through college
>a wife that either is a narcissist and literally sees you as some slave that pays for her lifestyle, or is incredibly inconsiderate
>by your tone it sounds like you are happy with this state of life.

If any of my assumptions are true, you are a delusional cuck (literally delusional) and while you might be a decent human you deserve everything that's coming to you for being so delusional for so long.

On the other hand, if my assumptions are wrong and you had some sort of freak emergency (medical complications being one of the only acceptable answers), my condolences. In that case, I would consider squeezing 3-4 more years of austerity and hardcore budgeting and then moving to some third world country or finding a low tie state with cheap property and living costs.