50+ and Haven't Saved for Retirement? Here's What to Do

Saving for retirement can be a struggle in the best of circumstances. For those 50 or older who have saved little if anything, retirement can seem impossible. In this video I walk through seven concepts, strategies and tools to help those who have gotten a late start save for a comfortable retirement at a reasonable age.

————————————
Video Resources
————————————

————————————
Time Stamps
————————————
0:00 Saving for Retirement When You Get a Late Start
1:00 FIRE Movement
3:50 Reducing Housing and Transportation Costs
7:40 One And Done (Reducing Small Expenses)
11:17 Prioritize Debt vs Saving
14:30 Start a Side Hustle
16:32 Motivation
18:08 Free Tools
————————————
Investing Tools
————————————
————————————
Credit Cards & Banks
————————————
————————————
Popular Videos
————————————

#retirement #savingmoney #robberger

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

LET'S CONNECT

DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.

[jamesrecknor]

Ay 64 I am right on track to retire comfortably at 104

[packrcch]

i propose a different mindset for late-starters…especially if you are over 60.
the average life expectancy across the board is approximately 86….and those last years are often are not good ones.
i feel that late-starters should focus as much on their physical and mental health as they do on finances. it makes no sense to panic and begin a lifestyle of suffering and sacrifice for a retirement that you may be in no condition to enjoy if you get there because you suffered too much to get there.
a friend passed away last month in his mid 50s. he worked 60 hours/week and maxed out his retirement accounts every year….and he had a heart attack and died and left that money in the bank .
at this point, you should focus on quality of life and wellness now as much as planning for the future because you may not get there.

[erinaustin]

This what I did! Retiring in 21 days at 61 to travel full time.

[ajunkremoval]

I just ran across your channel and really glad I did. I’m self employed, 50 years old, and lost as far as retirement. Thank you for sharing.

[judiashley]

I agree stay positive its important for morale. I started late at 47 and. almost 65 and only 215, 000 saved plus lots of home equity. Its not much but l just have to remind myself keep teying your best.

[chastityrogers]

Glad someone is addressing this for older people.

[dmsoundcollective]

Oh my God Rob I've been waiting for this topic to come up. I didn't even understand until I was 54 that I could invest and save for my retirement. I saw everybody getting there for Wednesdays and thought I don't need that because I'll have social security. Now I'm trying to scramble and do whatever I can to save

[CatchingUpToFI]

Rob, thank you for the shout out to our new podcast Catching Up to FI. This very important topic to address. There is such a large “silent generation” of late starters that need to know that they are not alone and it can be done. Thank you so much for all you do for financial literacy.

[SD-coxe]

One car family for 17 yrs. Same car too!

[hello_Tam_here]

Hi Rob, great episode. For those of us over 50, these videos are so helpful.

[furyofbongos]

Now is a great time to be throwing money into index funds. Big sale going on.

[timf]

My wife and I focused heavily on decreasing outgo using most of these techniques. We sold a car and used the equity to pay off debt, got rid of cable and went to internet only, focused on getting down to four walls only with that cost being as low as possible. We live on less than half of our income, with a short term goal of paying off the house before we draw SS in a few years.

[Mr.Comment.]

Great video Rob. Just wanted to mention the background, camera angle, and lights all together looks really good. Great setup!

[mere_cat]

Thanks for covering this. I’m playing catch-up in my mid-forties, so I appreciate the focus on older investors pursuing FI. I’ve been saving about 50% of my income and hope to retire between 57 and 62. An important focus for late starters is taxable accounts. You quickly run into limits in 401k and IRA investments, especially if you have a higher income. My taxes have gotten a lot more complicated since I started using taxable accounts.

[hwuyynk]

If I can pay off my credit card debt I could probably save 6000.00 a month, bought a truck last year with 10k down, but hated having a 66 month term, so it will be paid off in 15 months. Just need a pool, two car garage 20 more $5000.00 vacations, 2 additions on the house and 3 million for a next egg and I think I be all set. I be working til I’m 75. Too many bad investments killed me, so don’t think just because you are investing you are on the yellow brick road to the wizard of oz. You really need a lot of financial discipline, and be lucky with your investments.

[chrisa.]

Rob, thanks for addressing this topic but one thing that wasn't covered is what kind of funds should we 50+ late starters invest in and in what percentages? Should we even bother with bonds? At this late in the game don't we need to be extra aggressive in order to make up for lost time?

[noreenn]

Number 6 is challenging, thanks for the reminder to stay positive!

[sonoma]

Glad I found your videos a few months ago. You speak so clearly and to the point, no hype or bs, happy subscriber, thanks.
Just realized lately I can have a "self directed" IRA, I was never comfortable with leaving my retirement to the whims of the market or chaos in the world so I'm just now opening an IRA at age 56, better late than never

[kurtroithmayr]

Excellent clip Rob! I’m forwarding this to a friend that this can help!

[leena]

While the official "FIRE Movement" may have only been around for a decade, some of us were lucky enough to have read Your Money or Your Life in the late 1980s. Due to that, we are in a great position today.