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
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:
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.
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.
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.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.
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NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. as of 3/01/2017. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed. Please click on "Learn More" above for additional disclosures for each product.