60 Years Old and Nothing Saved for Retirement – Top 12 Recommendations
Top 12 Recommendations for Retirement Planning if You’re Over 55
Welcome to the Financial Fast Lane! I’m Lane Martinsen, and in this episode, we’ll discuss what you can do if you’re getting a late start on retirement planning, especially if you’re over 50 or 55. Here are 12 specific recommendations to consider:
1. You’re Not Alone – It’s Never Too Late
- Many people find themselves in this situation.
- Starting early is ideal, but you can still make progress now.
2. Take Inventory of Your Situation
- Identify your timeline and evaluate possibilities.
- Your income is a valuable asset; manage it wisely.
3. Know Your Numbers
- Create a budget to track income and expenses.
- A budget empowers you to manage and save effectively.
4. Complete a 30-Day Spending Audit
- Track every expense for a month.
- Download a simple Spending Audit template for ease.
5. Keep More of Your Income
- Gain clarity on your finances to make necessary changes.
- Imagine the potential of saving your entire income.
6. Get Creative and Think Outside the Box
- Consider alternative solutions to reduce expenses or increase income.
- Explore unique opportunities to lower costs.
7. Work Longer
- Retirement age is changing; consider working beyond 65.
- Find enjoyable work or explore new career options.
8. Delay Starting Social Security
- Delaying benefits can increase your future Social Security benefits.
- Understand the impact of delaying on your overall retirement strategy.
9. Improve Your Physical and Mental Health
- Stay healthy to extend your working years and reduce healthcare costs.
- Regular exercise and a balanced diet are essential.
10. Have Faith
- Believe in yourself, the future, and your abilities.
- Overcoming challenges is possible with determination and faith.
11. Never Stop Learning
- Read informative books and educate yourself on retirement planning.
- Understand tax-efficient savings options and investment strategies.
12. Don’t Overlook a HECM Strategy
- Explore a Home Equity Conversion Mortgage (HECM) or reverse mortgage.
- New HECM options offer flexibility and can reduce financial burdens.
If you found any part of this video beneficial, please share your thoughts in the comments. Stay tuned for the next episode of the Financial Fast Lane!
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Florida RetirementPosted in Retire Wealthy, Retirement Planning