It’s never too late to save for retirement. Here are steps you can take today to build your retirement savings.
Q: “I’m 50 and approaching retirement without savings. Is it too late for me? What can I do over the next 10 years or so to be in a better position once I reach retirement age?”
The current full retirement age for Social Security benefits is 67 for anyone born in 1960 or later. At 50, you still have almost two decades to save toward retirement.The key is to get the ball rolling. For the years to come, put as much of your money as possible into a. Don’t delay — sign into your accounts today and maximize your contribution elections through any employer-sponsored retirement plans.
If you work independently, there are retirement accounts that you can maximize for savings, like a SEP IRA, which is like a personal profit-sharing plan. You can still contribute through a regular IRA, but the contribution limit is lower.Do you have a good sense of where your money is going? Where can you reduce your spending? If you have consumer debt, prioritize paying it off, as this type of debt can seriously cut into potential retirement savings.
Plenty of people continue to work past retirement age for these benefits and because they enjoy what they do. TheQ: “Will I Ever Recover from Past Financial Ruin?”
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