3 Things to Do If You're in Your 60s With No Retirement Savings
Without retirement savings, there's a good chance you'll struggle to keep up with your basic living expenses once your career comes to a close. And if you're thinking of living on Social Security alone, think again -- those benefits will only replace about 40% of your pre-retirement income if you're an average earner, and most seniors need about double that sum to live comfortably.
But new data from GoBankingRates shows that over 12% of Americans 65 and over have less than $1,000 socked away in an IRA or 401(k). The same holds true for over 8% of workers between the ages of 60 and 64.
If you're in your 60s without much of a nest egg, your opportunities to catch up are pretty limited. But that doesn't mean you need to resign yourself to a cash-strapped retirement. Instead, you can make the following moves to improve your financial picture.
Source Fool.com
