Are you aged 63 with no retirement savings and planning to rely on Social Security? It is not too late to start saving.
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results….(read more)
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Age 63 and No Retirement Savings – What’s the Plan?
Retirement is a stage in life that many people eagerly anticipate. It is a time to relax, enjoy the fruits of their labor, and pursue lifelong dreams. However, for those who find themselves at the age of 63 with no retirement savings, the future may seem uncertain and overwhelming. So, what is the plan?
Firstly, it is important to recognize that it is never too late to start planning for retirement. While starting early is ideal, there are still several steps that can be taken to secure a comfortable future, even at this stage.
One of the first things to do is to assess the current financial situation. Take an honest look at income, expenses, and debts. Determine what is it possible to save on a monthly or annual basis. This self-evaluation will provide a clearer picture of what needs to be done to reach certain financial goals.
Next, it is vital to create a budget and stick to it. Cut unnecessary expenses and prioritize saving for retirement. Evaluate spending habits and identify areas where money can be saved. This might mean downsizing a home or making adjustments to lifestyle choices.
Another avenue to explore is seeking professional advice. Consulting with a financial advisor or retirement planner can provide insight into various retirement savings options that may still be available at this stage. They can assist in devising a personalized plan tailored to the individual’s specific circumstances and goals.
Moreover, consider extending the working years. While retirement at a certain age may have been the initial plan, it is necessary to explore the possibility of working a few extra years to accumulate savings. This might mean finding part-time work or exploring flexible job opportunities that align with personal interests and skills.
Additionally, Social Security benefits can provide some level of financial stability during retirement. It is crucial to research and understand the eligibility requirements and estimated benefit amounts. Delaying the Social Security benefits until the full retirement age can result in higher monthly payments, so it is wise to consider this option as well.
Lastly, it is important not to lose hope or become discouraged. While the situation may seem challenging, there are always opportunities to improve it. Many have faced similar circumstances and have managed to build a secure retirement. It may require some sacrifices, discipline, and creativity, but with determination and perseverance, it is possible to build a stable future.
In conclusion, finding oneself at the age of 63 with no retirement savings can be daunting, but it is never too late to take action. By assessing the financial situation, creating a budget, seeking professional advice, extending the working years, and exploring government benefits, individuals can begin to build a plan for a comfortable retirement. With dedication and strategic decisions, it is still possible to achieve financial security and enjoy the golden years ahead.
retiring at age 65 is such an outdated concept (dreamed up in the 1940's) that it's unbelievable how many people (usually only in the U.S.) still think this is a mandatory part of life.
retiring (that is, to stop working) is the worst decision anyone can make. i'm in my 60's, and i thank God i'm self-employed and can continue working and earning an income as long as i choose to.
I m assuming this guy is trying to scoop up youtube subs to underwrite his life. Its very difficult to believe a young guy go on about continuing to work into your late sixties. I am 63 and its enough just to go to 65, depending on your work of course
Need cash for retirement? Call yourself a financial planner and get on YouTube. Apparently people now need to pay someone to tell them to spend less and save more. Moms used to do that for free.
Really cant stand when people say SS is one day gone. They have been saying that for 50 years can you imagine if they canceled. SS !!! All hell would break through. They would need to reimburse millions back to the people that payed in for 30 to 40 years
I just turned 60, was planning to Retire Soon with a FORD? BooM the Economy Crashes into Recession and High Inflation! I guess I will keep working another yr or 2?..
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family..
lol, financial planner for someone who is broke? my dad lives off his SS check and takes a room in my house that my kids sorely need. My wife and I have had no privacy in 10 years and my parents thought I was villain merely suggesting they look for housing that meets their needs and into subsidies. Anybody who is this deep in the hole with money doesn't need a financial planner, they need a job or to win the lottery. Most parents like this assume their kids are gonna save them…well, what happens when the kids can't even save themselves.
One person said to me "take your SS now and bank it all for 4-5 years before you actually do retire. That chunk of change could be $100,000 or more. Now, you are only going to get that same amount for the rest of your life, granted, but he said that chunk of money you now have, the SS you saved for the last 4-5 and the interest it throws off, is more valuable than the extra $500-$1000 a month or whatever the difference is between what you get due to this method and what you would be getting had you waited to take your SS. I'd love to hear some intelligent thoughts on this. I guess his thinking was if you were to get, lets say, 10% on your money, that $100,000 would kick off $10,000 a year…about $800 a month, leaving the $100,000 intact.
Retirement is not an end, but a new beginning.Your dedication today will pave the way for a future filled with financial security and the freedom to pursue your passions.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Your video was interesting. But some people still have pensions, I do. This is my pension table: https://www.calpers.ca.gov/docs/forms-publications/benefit-factors-state-misc-industrial-2-at-55.pdf
9:05 I’m 69 and still working. It’s getting difficult, so I don’t know how much longer I can do this. I have no retirement., but I have a little money saved. I still have a mortgage but a fairly low payment. I paid off my car and all my debts. I am able to save my whole ss plus about $500 per month now. So, that will be around $30,000 this year. I’m hoping to stick it out for 2 more years. My question is: where do I save that money while I’m still working? Right now I have them in high yield savings and CD’s because the market is volatile and I’m too old to take a big risk.
Good thing we're close to the nuclear war ending.
No need to retire when the fireballs come.
You might also have to reach out to Dave Ramsey Radio show on Ramsey Solutions. They have some plan on how to get out debt and save up some cash for retirement. If he religiously follow their plan and could possibly work till 70 years he might be quite okay financially. Good luck.
Yeah.If you live till your 70!
Track every penny you spend during a month and you will be surprised where your money is going
Reduce bills as much as possible. I'm assuming no pension to draw on. Only SS. Tight…tight retirement in this scenario. Even if you work another 10 yrs, how much would you really save. At this advanced stage you certainly don't want an aggressive retirement account, risk tolerance should be low because you don't have the time horizon to make up loses in a market downturn. I really don't think another 3-4 years working just to save in a IRA or a 401k is going to do much to change the situation. Investing for retirement is the long game 20, 30, 40 years that's where the benefit of compounding does its work.
I will look into your advice, but to adjust down to $1,800 a month will barely cover rent and food. Got any more suggestions? I used to have a plan for retirement. Then my wife became sick with cancer and every penny went to her treatment. Lost her, lost the house, lost all the savings and any retirement funds. At 50 I found myself a widower, broke, no job, living in rented rooms and 10's of thousands of dollars in debt. I spent the next 7+ years paying back those debts from various jobs. Eventually I was found a decent job with some benefits but there is nothing for retirement and no time to catch up. At 60 something there appears to be no real way to catch up. SSN won't cut it. So now it looks like it's work until I die. Any amount of planning can be wiped out in an instant.
Hopefully you don't come across that scenario often.