Make up lost time with swift, smart action

Q. I have only $20,000 saved for retirement and am 50 years old. I know I have to get going, but my head is swimming with things I have heard about a deferred compensation plan and a 403(b) variable annuity at work. I'm a teacher, and can use either of the plans. But some people at work say the annuity isn't good and the deferred compensation plan is better. I tried to get help from a person in benefits, but they sounded like they were talking in code. So I haven't been doing anything, although I did pay off my house. What should I do?

Gail MarksJarvis

September 30, 2007