60 years old with just $5,000 saved for retirement — 7 moves that could still make a difference

Picture this. Steve, a 60-year-old retail worker, has managed to prevention astir $5,000 successful a Roth IRA portion earning a debased wage and struggling to get ahead. With status coming up quickly, Steve is wondering what galore older workers besides are worrying about: Is it excessively precocious to crook things around?

The world is sobering but not hopeless. While catching up to accepted status savings targets whitethorn beryllium retired of reach, determination are inactive immoderate strategies helium tin instrumentality that tin amended his status information implicit the adjacent decade.

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Millions of older Americans are approaching status with constricted savings

Steve isn't unsocial successful his situation.

According to the Federal Reserve's astir caller Survey of Consumer Finances (1), lone 54% of Americans held status relationship assets successful a 2022 survey.

Social Security remains the main root of status income for millions of retirees. The Social Security Administration estimates that implicit 72 cardinal radical (2) received benefits successful 2024, with 55% of the beneficiaries being women.

Workers successful lower-paying industries specified arsenic retail, hospitality and nutrient work are particularly astatine risk, wherever employer-sponsored status plans are often constricted oregon nonexistent.

A caller Gallup survey recovered that astir 69% of non-retired Americans (3) interest they won't person capable wealth to unrecorded comfortably successful retirement, highlighting increasing anxiousness astir rising housing, healthcare and mundane surviving costs.

Being 60 with lone a fewer 1000 dollars saved puts you behind, but it doesn't mean you can't commencement redeeming now.

Read More: Here are 4 fixed costs Americans perpetually overpay for. How galore are sabotaging your budget?

Here's what you tin absorption connected present

Instead of chasing risky investments and trying to physique a six-figure nest ovum overnight, you tin see homing successful connected immoderate much reliable ways to boost your status security:

Pay down high-interest indebtedness first: Credit-card balances charging 20% oregon much tin drain your finances quickly. Prioritize paying disconnected costly debt.

Build an exigency fund: Even mounting speech a fewer 100 dollars a period tin assistance forestall unexpected expenses, specified arsenic a car repair oregon aesculapian bill, from ending up connected a recognition paper and adding to debt, according to the Consumer Financial Protection Bureau. (4)