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No Retirement Savings At 60

If you are 60 with no retirement savings, you’re not alone. In fact, 1 in 3 Americans has no retirement savings at all. There are several ways that you can prepare for retirement later in life.

Keep reading to learn how to fund your retirement and improve your quality of life in your 60’s. 

No Retirement Savings at 60: What To Do

enjoy retirement at 60

If you’ve realized that you have no retirement savings at age 60, there are still ways to fund your future.

Here are three ways to adjust your retirement plans to improve your retirement finances:

  1. Delay retirement. Instead of retiring at 65, keep working for a few more years. You’ll decrease the number of years that you need to fund with your savings. You will also gain additional years of income by staying professionally active. Look for a different job that is more enjoyable if you are unhappy with your current career. Even if you take a pay cut, you may enjoy spending a few extra years in the workforce. 
     
  2. Consider a part-time job. If you don’t want to keep your full-time work schedule, consider part-time hours. Few individuals can afford to treat their retirement years as an indefinite vacation from the workforce. Moreover, many people enjoy financial, health and social benefits by staying professionally engaged, even if it is only part-time. Planning to stay active in an income-producing activity can supplement your Social Security check.
  3. Start saving now. Now that you are 60, you have likely outgrown many of the distractions that kept you from saving in the first place. One way to make up for lost time is to open a savings account. 

Growing Retirement Savings With Synchrony Bank

If you have no retirement savings at 60 and want to starting building for your future, opening an account with Synchrony Bank can help. We have several savings tools that can help you meet your retirement goals.

Call 1-844-345-5789 or find Synchrony Bank online to learn more about award-winning deposit products to help you save for retirement.

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Sources:

Money: 1 in 3 Americans Has Saved $0 for Retirement

U.S. News and World Report: 6 Reasons to Consider Semi-Retirement

Out of Your Rut: Over 50 — No Pension, No 401(k) — What Now?


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