‘At the end of every year, our savings are gobbled up.’ My husband is 48 and now earns close to $300K a year, but we only have $5K saved. Should we hire a pro to help us?

My husband is 48 years old, and I am approaching 40 years old. We have two small children. We struggled to make ends meet for many years.

Although my husband recently paid off his student loans, I have student loan debt from graduate school.

Our funds are depleted at the end of each year due to taxes or unanticipated expenses such as relocation or medical debt accrued as a result of our children's births.

We barely have roughly $5,000 in retirement savings. We moved to a city where our expenses were significantly lower a few years ago.

My husband's income has doubled as a result of unexpected career success, and he earned close to $300,000 last year.

The good news is that it is not too late to save and invest for retirement, but you will need to save and invest a portion of your earnings and may need to work longer, according to specialists.

Brenda A. Morris writes, "You could be pleasantly surprised to see how much you can acquire if you commit to saving over the last decade or two of employment."

"It may be that these folks have to work longer, save more, and spend less," says Bridget Venus Grimes, president of Wealth Choice: "But there [should] be a strategy."