Retirement Savings , I’m 63
Help , I am 63 years old and I have $28,000 in a Roth IRA from work and I invest 14% each pay period about $700.00 monthly into that account. I have a $50,000 inheritance currently in a savings account. This is my total savings for retirement . Any suggestions what I can do to grow my retirement savings?
Terry Says
Well, at this stage, you certainly don’t want to take extra risk with your investments, but you should be earning about 3.55 on your savings account. Make sure you do that, and that it is an FDIC insured account.
I was tempted to joke that the answer is to “marry a rich man.” (My grandmother would have said that!) Instead, could you consider any extra way to earn income — even if it is out of your current line of work. That’s why so many people drive Door Dash or other services, to earn extra income — and save all of it.
Sadly, there is no magic answer except to keep working and save as much as possible. Or adjust your living expenses, but that is always painful.
