Retirement with no savings in our 60s
Is there any hope for me? My husband and I, both in our 60s, have almost no savings for retirement and still have some credit card debt which we were paying down until he lost his job. We will receive a sizable inheritance between $600,000-$700,000. Is it too late to continue adding to our small amount in our IRAs? What advice do you have? Thanks.
Terry Says
Of course there’s hope. But you’ll have to do some financial planning. You say you “expect” to receive a big inheritance. But do you have any idea how far away that is — and any certainty about the amount?
This would be the time to have just one meeting with a fee-only fiduciary advisor who could study your situation and make some recommendations. The first one will obviously be that he must find some income — not necessarily in his previous career path. You have to cover current living expenses, and credit card debt will bury you. You don’t need a financial advisor to tell you that!
I’m sure you also have the issue of health insurance, and I hope that you are working and can provide that. It’s a huge expense, as you know.
Overall, you need some advice. So to find a fee-only FIDUCIARY advisor, read this and act:
https://www.terrysavage.com/pam-krueger-wealthramp/
And if that seems overwhelming, reach out to the National Foundation for Credit Counseling at 800-388-2227 for a meeting to review your current situation, debt and income — and make a plan for the immediate future.
