Q: “I Am 50 and Have No 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 retirement plan.
Don’t delay — sign into your accounts today and maximize your contribution elections through any employer-sponsored retirement plans.
Depending on your income, you can contribute to your employer’s plan and may be able to also contribute to a separate deductible IRA for tax savings.[Read: “Will I Ever Recover from Past Financial Ruin?”]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.
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United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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