2 weeks Ago By SmartAsset
It’s never too late to and managing your money. But I don’t want to sugarcoat it. If you’re planning to invest for retirement, getting the ball rolling in your late 60s certainly limits your options.
So, let’s discuss some of your choices. (If you have additional questions about investing or retirement, .) With limited savings, you likely can’t afford to ignore and other sources of income.
If you haven’t tapped your Social Security benefit yet, keep in mind that waiting until 70 will maximize the benefit you receive. It’s also worth exploring other ways to maintain income into your golden years. Can you continue working in your current position, find part-time employment or consult on the side? will increase your cash flow in the near term, allow you to plan for a shorter retirement period and perhaps give you room to save and invest.
(If you have additional questions about maximizing retirement income, .) The fact that you outright own your $80,000 condo is commendable. And depending on your location, there may not be many other properties in a lower price tier.
So, you may have limited options for downsizing or finding less expensive housing. But consider other moves you can make to when it comes to transportation, travel, food and other costs. With minimal savings, you’ll need to keep a careful eye on spending.
If you plan to have your $60,000 last decades into retirement, it’s worth evaluating an appropriate investment balance that allows for both short-term liquidity, medium-term time horizons and long-term growth. Keeping 100% of your money in cash typically doesn’t allow it to keep up with and it causes your nest egg to lose value over time. may help you build a portfolio and project out retirement spending and income needs into the future.
A holistic advisor may also be able to help you work through the tax repercussions of your income and retirement projections. Depending on your financial situation, consider whether you’re eligible for a financial advisor or even from a source such as the Financial Planning Association. (If you have additional questions about investing or retirement, .
) It’s never too late to start investing, but starting in your late 60s will impact the options you have. Consider Social Security strategies, income sources and appropriate . A financial advisor may be able to help you project out your investment and income plan into the coming decades.
doesn’t have to be hard. matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, .
Consider a few advisors before settling on one. It’s important to make sure you find someone you trust to manage your money. As you consider your options, to ensure you make the right choice.
Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid -- in an account that isn't at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation.
But a high-interest account allows you to earn compound interest. . Are you a financial advisor looking to grow your business? SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions.
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