One thing that I find inspirational while listening to Dave Ramsey’s podcasts is that he says it is never too late to start saving money. Every now and then he’ll field a call from a married couple in their late 60s that are living on Social Security Income, have credit card debt, rent, and are despondent about their future. Dave is always very optimistic about the situation – sure you have a fixed and very tight income however it is never too late to make a change, pay off your debt, and start saving money.
Recently CNNMoney.com featured an article in their Ask The Expert section that touched on this subject. Sixty year old Tony in Missouri has little in the way of retirement savings and he’s concerned about whether he will be able to actually retire in a few years. He had some savings but it went into his own business which eventually failed. The expert cautioned against the “too many eggs in one basket” syndrome – diversification is indeed key.
Here’s part of Walter Updegrave’s response to Tony:
Clearly, you’re not going to be able to accumulate an entire career’s worth of savings in the number of working years you have left. But even at your age, you can still build a nest egg large enough to make a material difference in your retirement lifestyle.
It is never too late to start saving money.
Read the rest of the answer here: 60 years old and no retirement savings
