<prompt> Human: hi,Ive read a lot of the read this first stuff and already had some knowledge about much of it, but find that a lot of it doesnt apply to me. I know much of the stuff Im about to admit is going to raise red flags for anyone who is remotely financially smart, but Id appreciate some simple non-judgey tips if anyone feels like helping out.Im 40, single with 2 kids, and make about 80k at my one job. I have no investments or retirement plans, and keep everything perhaps too simple by just using one checking account for everything. That account balance hovers always around 10k, I have zero other assets, dont own a home and live in one of the most expensive cities in the U.S. Rent plus all utilities is around 1850month, and I dont have much in the way of other payment obligations: no car, though about 1000 a year goes to insurance for our family vehicle which my partner drives; my kids health insurance is covered by my boss but I actually dont have any health insurance long tangent about how I refused to pay 650month for a shitty plan with a 10k deductible thru the ACA; have virtually no childcare expenses because the kids father cares for them while I work; have zero debt and excellent credit.It seems really important to have some kind of retirement plan, but my job sole employee of single practitioner offers no 401ks etc. And I also feel a lot of pressure to have some kind of savings plan in place for my kids, who luckily are ages 4 and 7, so not too late to get started on that Id think. Now, Im aware that being able to cover 5 months of basic expenses is pretty necessary and feel like I pretty much have that covered. I dont seem to spend an exorbitant amount of on anything, have scoured my expenses to see where I can cut back etc. My question is: if you were me, what would type of goal would you work towards right now, what would you start doing ASAP?Many thanks in advance for any advice!  <response>: Start saving for retirement. You are 40 and if you have no other assets besides your 10k checking account, then you are going to be in for a world of pain when you go to retire if you dont change things now.Your kids can get loans for college. You cant get loans for retirement. And the second best financial gift you can give your kids is the knowledge that you wont be depending upon their incomes to support yourself in your old age. The first best gift is giving them the knowledge and experience now that they need to be successful, independent adults. So get them involved in age-appropriate money management. Give them chores to do and allowances to earn. Show them the value of a dollar instead of trying to shelter them from reality.As for how to save for retirement without an employer sponsored retirement plan, well, the answer is to open an IRA I dont seem to I spend an exorbitant amount of on anything, have scoured my expenses to see where I can cut back Have you done expense tracking? What does it show?One trick to get yourself to free up money for retirement savings is to pretend you simply earn less. How would you budget if your job paid 75k instead of 80k? Would you go into an absolute tailspin of financial disaster? If the answer is no, then you have places you can trim in order to start securing your future. If the answer is yes, then you desperately need to re-evaluate your expenses because you are one layoff away from a disaster.Best thing about traditional IRA for your situation is that they are pre-tax. That means the money that goes into it, up to the contribution limit, will not be considered as taxable income. So your income tax bill will decrease. That will also help give you a boost to your savings. 