I’m 68 With No Investments and $60k Cash – What Can I Do Now?

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

I’m 68 With No Investments and $60k Cash – What Can I Do Now?

Ask an Advisor: ‘Am I Too Late?’ I’m 68, Have No Investments and Only Have $60K Saved

At 68, I do not have any investments of any kind. My $80,000 condo is paid off, and I have $60,000 saved. Am I too late?

-Bernhard

It’s never too late to

This is the hidden content, please

• Sign In
• or
• Sign Up

and managing your money. But I don’t want to sugarcoat it. If you’re planning to invest for retirement, getting the ball rolling in your late 60s certainly limits your options. So, let’s discuss some of your choices. (If you have additional questions about investing or retirement, 

This is the hidden content, please

• Sign In
• or
• Sign Up

.)

Consider Alternate Forms of Income

This is the hidden content, please

• Sign In
• or
• Sign Up

Ask an Advisor: ‘Am I Too Late?’ I’m 68, Have No Investments and Only Have $60K Saved

With limited savings, you likely can’t afford to ignore 

This is the hidden content, please

• Sign In
• or
• Sign Up

 and other sources of income. If you haven’t tapped your Social Security benefit yet, keep in mind that waiting until 70 will maximize the benefit you receive.

It’s also worth exploring other ways to maintain income into your golden years. Can you continue working in your current position, find part-time employment or consult on the side?

This is the hidden content, please

• Sign In
• or
• Sign Up

will increase your cash flow in the near term, allow you to plan for a shorter retirement ******* and perhaps give you room to save and invest. (If you have additional questions about maximizing retirement income, 

This is the hidden content, please

• Sign In
• or
• Sign Up

.)

Paying off Your Home Is Great, But Consider Other Expense Reductions

This is the hidden content, please

• Sign In
• or
• Sign Up

Ask an Advisor: ‘Am I Too Late?’ I’m 68, Have No Investments and Only Have $60K Saved

The fact that you outright own your $80,000 condo is commendable. And depending on your location, there may not be many other properties in a lower price tier. So, you may have limited options for downsizing or finding less expensive housing.

But consider other moves you can make to

This is the hidden content, please

• Sign In
• or
• Sign Up

when it comes to transportation, travel, food and other costs. With minimal savings, you’ll need to keep a careful eye on spending.

Determine Appropriate Asset Allocation

If you plan to have your $60,000 last decades into retirement, it’s worth evaluating an appropriate investment balance that allows for both short-term liquidity, medium-term time horizons and long-term growth. Keeping 100% of your money in cash typically doesn’t allow it to keep up with

This is the hidden content, please

• Sign In
• or
• Sign Up

and it causes your nest egg to lose value over time.

This is the hidden content, please

• Sign In
• or
• Sign Up

may help you build a portfolio and project out retirement spending and income needs into the future. A holistic advisor may also be able to help you work through the tax repercussions of your income and retirement projections.

Depending on your financial situation, consider whether you’re eligible for a financial advisor or even

This is the hidden content, please

• Sign In
• or
• Sign Up

from a source such as the Financial Planning Association. (If you have additional questions about investing or retirement, 

This is the hidden content, please

• Sign In
• or
• Sign Up

.)

Story continues

Next Steps

It’s never too late to start investing, but starting in your late 60s will impact the options you have. Consider Social Security strategies, income sources and appropriate

This is the hidden content, please

• Sign In
• or
• Sign Up

. A financial advisor may be able to help you project out your investment and income plan into the coming decades.

Tips for Finding a Financial Advisor

This is the hidden content, please

• Sign In
• or
• Sign Up

 doesn’t have to be hard. 

This is the hidden content, please

• Sign In
• or
• Sign Up

 matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, 

This is the hidden content, please

• Sign In
• or
• Sign Up

.

Consider a few advisors before settling on one. It’s important to make sure you find someone you trust to manage your money. As you consider your options, 

This is the hidden content, please

• Sign In
• or
• Sign Up

 to ensure you make the right choice.

Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid — in an account that isn’t at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. 

This is the hidden content, please

• Sign In
• or
• Sign Up

.

Are you a financial advisor looking to grow your business? SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions. Learn more about 

This is the hidden content, please

• Sign In
• or
• Sign Up

.

Susannah Snider, CFP® is SmartAsset’s financial planning columnist and answers reader questions on personal finance topics. Got a question you’d like answered? Email *****@*****.tld and your question may be answered in a future column.

Please note that Susannah is not a participant in the SmartAsset AMP platform and was an employee of SmartAsset at the time of writing.

Photo credit: ©Jen Barker Worley, ©iStockPhoto/Moon Safari, ©iStockPhoto/Milan Markovic

The post

This is the hidden content, please

• Sign In
• or
• Sign Up

appeared first on

This is the hidden content, please

• Sign In
• or
• Sign Up

.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Investments #60k #Cash

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up