DEAR BRUCE: My wife is 59, and I am 60. She is retired, and I'm working part time. We only make $50,000 a year, but we are debt-free. Throughout the years, we have been conservative investors. Our total investments, including retirement plans, are in the area of $250,000. We have no one to leave our money to and do enjoy traveling. Should we do something different in terms of investing? -- D.A., via e-mail

DEAR D.A.: I'm sure that you guys are enjoying your early retirement to the fullest, but you have also cheated yourself out of a few more years of prime earning, which could have increased your savings. Having made this choice, you are going to live with a reduced income. While your income is reasonable, it's not going to allow for a great deal of vacation travel. In terms of investments, you will have to determine your risk tolerance. If the retirement account has been doing well in all this economic strife, leave it alone. Bear in mind there is seldom reward without risk.

DEAR BRUCE: My husband and I are both 45, and we have three children, ages 22, 15 and 13. Even with the expenses of three kids, we are able to put aside $300 every month. We have heard of a Roth IRA, but don't know whether we should be investing in it. How can we best prepare for our retirement? -- Reader, via e-mail

DEAR READER: A Roth IRA is a remarkable investment tool. You can each put in a maximum of $5,000 for this year. This is after-tax money, and it will grow without any tax impact. If limited to $300 a month, without question, I would use the Roth IRA vehicle and try to find an extra $120 a month so you could take full advantage. How it should be invested inside the Roth IRA is another question. In my view, someone your age should consider equity (stocks) in large, well-known U.S. companies. It is my opinion that, over the next two decades, most of these companies will prosper, as will investors. Remember, you are not investing on a day-to-day basis. You are investing for your retirement future, which is 20 years down the road. Time is very much your ally.

DEAR BRUCE: I'm 55, and I recently inherited $250,000. Is there a way to invest this money so I can retire in five years? I have recently opened a Roth IRA. There are so many options that I am confused. I would like to invest the money, and have it remain accessible if I need it for any reason. -- Reader, via e-mail

DEAR READER: Unfortunately, in today's world, interest rates have fallen to the point where they are almost nonexistent, so turning this money into something that you can live on for many more years may not be possible. There's no place a person can invest where the money can "remain accessible" and still give a reasonable return on investment without penalty. Unless you are prepared to take substantial risk, which could result in a capital loss, the unhappy fact is that you will have to settle for a relatively modest return on investment -- which is nowhere near enough to fund a retirement in such a short period of time.