Are you aged 63 with no retirement savings and planning to rely on Social Security? It is not too late to start saving. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at Be sure to stay up to date by following us! Facebook - Instagram - Twitter - Want more Wise Money™? Read our blog! Listen on Podcast: Subscribe on YouTube: Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results....(read more)
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Age 63 and No Retirement Savings - What's the Plan? Retirement is a stage in life that many people eagerly anticipate. It is a time to relax, enjoy the fruits of their labor, and pursue lifelong dreams. However, for those who find themselves at the age of 63 with no retirement savings, the future may seem uncertain and overwhelming. So, what is the plan? Firstly, it is important to recognize that it is never too late to start planning for retirement. While starting early is ideal, there are still several steps that can be taken to secure a comfortable future, even at this stage. One of the first things to do is to assess the current financial situation. Take an honest look at income, expenses, and debts. Determine what is it possible to save on a monthly or annual basis. This self-evaluation will provide a clearer picture of what needs to be done to reach certain financial goals. Next, it is vital to create a budget and stick to it. Cut unnecessary expenses and prioritize saving for retirement. Evaluate spending habits and identify areas where money can be saved. This might mean downsizing a home or making adjustments to lifestyle choices. Another avenue to explore is seeking professional advice. Consulting with a financial advisor or retirement planner can provide insight into various retirement savings options that may still be available at this stage. They can assist in devising a personalized plan tailored to the individual's specific circumstances and goals. Moreover, consider extending the working years. While retirement at a certain age may have been the initial plan, it is necessary to explore the possibility of working a few extra years to accumulate savings. This might mean finding part-time work or exploring flexible job opportunities that align with personal interests and skills. Additionally, Social Security benefits can provide some level of financial stability during retirement. It is crucial to research and understand the eligibility requirements and estimated benefit amounts. Delaying the Social Security benefits until the full retirement age can result in higher monthly payments, so it is wise to consider this option as well. Lastly, it is important not to lose hope or become discouraged. While the situation may seem challenging, there are always opportunities to improve it. Many have faced similar circumstances and have managed to build a secure retirement. It may require some sacrifices, discipline, and creativity, but with determination and perseverance, it is possible to build a stable future. In conclusion, finding oneself at the age of 63 with no retirement savings can be daunting, but it is never too late to take action. By assessing the financial situation, creating a budget, seeking professional advice, extending the working years, and exploring government benefits, individuals can begin to build a plan for a comfortable retirement. With dedication and strategic decisions, it is still possible to achieve financial security and enjoy the golden years ahead. https://inflationprotection.org/what-to-do-when-youre-63-with-no-retirement-savings-creating-a-plan/?feed_id=121325&_unique_id=64c1b1cc33b5c #Inflation #Retirement #GoldIRA #Wealth #Investing #age63andnoretirementsavings #financial #HowtoRetirewithNoMoney #howtoretirewithnosavings #korhorn #noretirementsavingsat60 #retirementplanning #retirementplanningat60 #savingforretirement #wisemoneyshow #QualifiedRetirementPlan #age63andnoretirementsavings #financial #HowtoRetirewithNoMoney #howtoretirewithnosavings #korhorn #noretirementsavingsat60 #retirementplanning #retirementplanningat60 #savingforretirement #wisemoneyshow
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