I am a 41-year-old ex-felon. I've been out of the workforce for 20 years. I'm pursuing a career in the fitness industry as a personal trainer. For someone my age and in my position, what would be a viable retirement savings plan?
Via the Internet
At age 41, you will probably work another 20 to 25 years before you retire, so it will be important to create a savings strategy that can help make up for all the years you weren't saving. Choosing a career as a personal trainer means that you will have to work extra hard to establish a wage that gives you the best opportunity to retire comfortably.
The American Council on Exercise (ACE) says that in 2003, the typical salary range for a personal trainer was $30,000 to $35 000. The average hourly wage was $37 per hour. ACE also found that the minimum hourly wage was $7 and the maximum was $75. As you can see, salary potential can vary widely.
You can begin saving for retirement by...