So, you’re in your 50s or 60s with little to no savings for retirement. Now what?
First, take a deep breath. You are not alone. And most importantly, you are not out of options.
In an episode of The Financial Fast Lane, financial planner Lane Martinsen shares 12 powerful steps anyone can take—even late in life—to get back on track and build a secure retirement.
If you’re 60 with no retirement savings, you may feel overwhelmed. However, this guide will give you hope and practical direction.
1. You’re Not Alone—And It’s Not Too Late
Millions of Americans find themselves nearing retirement with little saved. After all, life happens—kids, homes, debt. Lane’s message is simple: don’t beat yourself up. Start now.
2. Take Inventory of Where You Are
To begin, figure out your age, health, timeline, and earning potential. Whether you’ve got 5 or 15 years until retirement, every year counts—but only if you focus.
3. Know Your Numbers
Call it a budget, or call it “financial awareness.” Whatever works. Either way, you need to know where your money is coming from—and where it’s going. This is the foundation for every financial decision you’ll make.
4. Do a 30-Day Spending Audit
For example, track every penny for 30 days. Lane recommends using a simple Excel spreadsheet (you can download his free one) or even a piece of paper. You’ll quickly spot waste—and find hidden savings.
5. Keep More of Your Money
Imagine being able to save your entire income for the next few years. Unrealistic? Maybe. Nevertheless, the more you cut, the more you can save—and compound over time.
6. Think Outside the Box
Lane and his wife once eliminated rent by becoming live-in caregivers. Similarly, another couple moved in with their daughter, helping with childcare in exchange for cheap housing, and saved 70% of their income for three years. Creativity can be your secret weapon.
7. Work Longer-But Smarter
65 isn’t the finish line anymore. Many people work well into their 70s. Hate your job? Retire from that job and find a new one that you enjoy. Or explore a side hustle. Extend your working years on your terms. Many individuals aged 60 with no retirement savings can still significantly alter their future by extending their careers by just a few more years.
8. Delay Social Security
Waiting until age 70 can significantly increase your monthly benefit, thanks to delayed retirement credits (DRCs). As a result, your retirement income could be far more secure. Want a personalized strategy? Visit SocialSecurityLane.com.
9. Get Physically and Mentally Fit
Health is wealth. A healthy lifestyle can reduce future medical costs and allow you to work longer. In addition, the energy, clarity, and resilience that come from fitness are worth more than money.
10. Have Faith
Lane’s message here is powerful:
“You are more capable than you think. You are stronger than you think. You are more creative than you think. And you can do hard things.”
Memorize this quote:
“There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul.”
– Ella Wheeler Wilcox
11. Never Stop Learning
Read timeless classics like:
- Clason, George S. (Author)
- English (Publication Language)
- 124 Pages - 04/01/2023 (Publication Date) - Reader's Library Classics (Publisher)
- Book - think and grow rich: the landmark bestseller now revised and updated for the 21st century...
- Language: english
- This product will be an excellent pick for you
But also dive into practical financial topics like:
- Roth IRAs
- 401(k) catch-up contributions
- Tax strategies for retirement
The more you know, the more options you’ll have.
12. Consider a Reverse Mortgage (HECM)
If you’re over 62 and have at least 50% equity in your home, a Home Equity Conversion Mortgage could eliminate your mortgage payment and provide tax-free retirement income.
Lane goes into more detail in his book, The Holistic Retirement Planning Revolution, available on Amazon.
- Lane G Martinsen (Author)
- English (Publication Language)
- 190 Pages - 02/28/2019 (Publication Date) - Light Network (Publisher)
Final Thoughts
Retirement isn’t a deadline. It’s a goal, and goals can be reached at any age.
You can still build the retirement you want. Therefore, you need to get focused, stay flexible, and believe in yourself.
The road to a dignified retirement begins with a single step.
To sum up, being 60 with no retirement savings doesn’t mean retirement is out of reach—it means now is the time to act.
