60 Years Old And No Retirement Savings - [Here Is The Solution]

Hello, guys welcome to this article, today we will talk about 60 years old and no retirement savings. Today I will tell you what should you do to plan your retirement and what are the best ways to do it. So let’s start the article,

Table of Contents

KEY POINTS

You should have eight times your salary saved for retirement by the age of 60.
If you have nothing saved so far, start building your nest egg as soon as possible.
Consider changes to your plans, like holding down a part-time job as a retiree, working longer, or using your home as a cash source.
You should Invest Money In an IRA, I would like to suggest investing your Money In a Gold IRA.

I am providing you with The best Free Gold IRA Guide Which will help you to Plan your Retirement easily.

Click Here To Get Free & Best Gold IRA Guide>>>

1. Plan for a longer career

If you are a man to retire at the age of 65 that means you have just 5 years. It does not give you a lot of time for your retirement savings. I would like to say here you should work at least 10 years from now I Mean you should work till the age of 70. This will give you a lot of time for your retirement planning. Try to exceed your career.

I would like to say if you are willing to work until the age of 70 that gives you more than 10 years to fund your individual retirement account or 401k. It gives you more time to invest your money in a Gold IRA.

I would like to suggest you invest your money in Gold Ira because it is a safer option than others and it gives you a good amount of Return with time and as you know the price of gold does not fall overnight that’s why I would like to say invest to money in Gold Ira it is a safe option than stocks or other options.

So let’s consider that over the next decade, you contribute $500 a month to a Gold IRA that delivers an average annual 10% return. That 7% is a bit below the gold market’s average because we’ll assume you’ll increase investing in Gold.

If so, you’re looking at this investment worth about approx $100K. It’s not a ton of money, but it’s a safety net you can fall back on in addition to Social Security.

2. Aim to continue working during retirement

There is no official rule stating that you can not hold down your job once you have made your retirement official. I would like to say that, You are allowed to collect monthly benefits from Social Security even if you have a job (some earnings limits could result in withheld benefits, but those will not apply to you if you are working as well as collecting Social Security at age 67 or older).

Now at first, you might associate a part-time job in retirement with working a cash register or something similar you may not find very desirable. But thanks to the gig economy, work in retirement can be fun.

You could teach guitar if it is a skill you have, or do farming. You can also drive for a cab service if you do not mind spending time behind the wheel.

3. Turn your House into the nest egg

If you own a house, then there is a good chance you will have it paid off in time for retirement. You can Get rental income by lending your house. Or at least mostly paid off. If you are willing to sell that home as well as downsize, your sale proceeds could turn into your retirement nest egg or a pad for an existing one.

The median home sale price 30 years ago was $132k, according to Federal Reserve data. Now, it’s more than $421k.

So let us say you can sell a mortgage-free home for that sum & buy a replacement home for $250K. Even if you take out at least 5% of a real estate agent’s commission, you could still walk away with about $150K in your hand. That is money you can then dip into as needed on top of the funds you have saved separately.

While it is not a wonderful thing to be 60 with no retirement savings, you’ve some options. Commit to turning things around immediately & you may be surprised — in a good manner– at how financially sound your retirement ends up being.

4. Start To Invest Your Money In Gold IRA

I would like to say if you are planning for your retirement savings then investing in Gold will be the right option for you let’s say you can save up to $1K in a month. Then you should consider investing in Gold because investing in Gold gives you diversification in your retirement portfolio as well as it is a safer option for your retirement planning. It gives you a good amount of Return with the time Because the rate of gold increases day by day.

The value of gold does not fall overnight so that’s why you don’t have to worry about losing money in gold.

Now if you want to invest your money in Gold then you should consider a gold IRA as a medium to invest in gold. If you ask me then I chose Augusta Precious Metals for investing in gold. If you want to get full guidance for investing in Gold then I have arranged a free guide for you.

I have planned a free Gold IRA Guide kit for all of you which will guide you to a great extent to invest in Gold IRA. If you want that free Gold IRA kit then I am giving its link below. You can get the free Gold Direct kit by clicking on this link and getting answers to all the questions related to your Gold IRA account.

Diversify your retirement>>>

Learn about Augusta’s simple process and get answers to common questions about gold IRAs.

Get Zero Gold IRA Fees for 10 Years

Get The Link Below…

Here is the official website link of Augusta Precious Metals and get the FREE Gold IRA Kit.

>>>Augusta Precious Metals Official Website<<< Click On the official website to learn more about Augusta Precious Metals.

My Personal Experience

I would like to share my personal experience because I can relate to when I was 60 years old and I didn’t have any money for my retirement planning so I did something which helped me to get money for my retirement planning and now I have a good amount of money for my retirement planning.

For some time I continued my job for 10 years now I am 70 years old after that I get a rental income by lending my house. At the end of the month, I save $1K and I invest that thousand Dollars in Gold IRA through Augusta precious metals.

Now I have $120K In my gold IRA at the end of 10 years and now I have good savings for my retirement. Now I can take retirement peacefully. If you want to take retirement and if you are concerned about your retirement then you can do the same thing which I did.

If you are 60 years old and have no retirement savings then you should continue your job or business for at least 10 years try to land your property save at least $1000 per month for 10 years and invest in a Gold IRA.

If you want to convert your 401k to a Gold IRA then Augusta precious metals is the best for you because I convert it from 401k to a gold IRA. If you convert your 401k to cold IR through Augusta Precious Metals then you can get Tax consumption on this and you will get so many tax benefits as well.

Diversify your retirement>>>

Learn about Augusta’s simple process and get answers to common questions about gold IRAs.

Get Zero Gold IRA Fees for 10 Years

Get The Link Below…

Here is the official website link of Augusta Precious Metals and get the FREE Gold IRA Kit.

>>>Augusta Precious Metals Official Website<<< Click On the official website to learn more about Augusta Precious Metals.

FAQ’s

Q) Which is the Best option for your Retirement Planning?

A- Investing in gold through a Gold IRA is the best option for your retirement planning.

Q) Which is the best Gold IRA company for investing?

A- Augusta Precious Metals is the best Gold IRA Company.

Q) Can I get tax benefits if I invest my Money in Gold IRA?

A- Yes, You can get so many text benefits and tax consumptions if you invest in a gold IRA.

Q) I am 60 years old and have no retirement savings, what should I do?

A- You should continue your job or business and try to rent your property like a house or flat to get a good rental income.

Q) How much money should I save for my retirement planning?

A- You should save at least $1000 per month for at least 10 years to get good retirement savings.

Thank you so much for reading this article.

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60 Years Old And No Retirement Savings – [Here Is The Solution]