Cookiecody: This friend was listening to Suzie Orman sp (?) give this advice to a caller and she started calling her stupid, insenstive and alot of negative names for advocating that parents save for retirement instead of college for their young ones.
This friend, who is 47 with a 2 year old has virtually nothing saved for retirement. I just shook my head and thought, "you won't be retiring any time soon, if ever."
Wow... Suze Orman is pretty hard-boiled. I bet she ripped that ignorant caller a new one!
There are "catch up" provisions in lots of 401(k) plans, etc., for people in their 50s who didn't get with the program soon enough, but yeah --- not a great idea to wait until 47! (Also, sounds like your friend won't be in any better shape to save in her 50s than she is now)...