I'm 49 years old and have nothing saved for retirement — what should I do? Don't...
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I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 3 of the easiest ways to catch up (and fast)
So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.
Almost 1 in 4 boomers said they didn’t start saving for retirement until they turned 50 — and over a third of them still say they have no retirement savings at all, according to a 2022 survey from mortgage information website Anytime Estimate.
You still have options, so get yourself moving toward your retirement goals now.
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Pay off your debts
Before you start putting some funds aside, make sure you’ve either settled or have a plan for settling all your debts.
This could include credit card debt, the mortgage on your house or the remaining balance on your student loan.
You don’t want to keep racking up on interest charges while trying to save — especially with rates as high as they are currently. Credit card interest rates have already hit record highs this year after the Federal Reserve’s last interest rate hike.
If you’ve got multiple lines of credit to take care of, look into your options and start reducing your debt load. You could try negotiating with your lender or consider a debt consolidation plan that keeps you on track and with a lower interest rate.
Read more: Boomer's remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) regret in retirement and how to offset them
Look into the right investment vehicles
Does your employer offer a 401(k) plan? Or are you getting tax breaks through an IRA?
If you don’t have a 401(k) through your employer, look into opening an IRA or a Roth IRA. Decide which option works best for you and start shuffling funds into your preferred retirement vehicle.
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