At sixty-eight, I have no investments of any kind. My $80,000 home is paid off, and I have $60,000 saved. am i late

-Bernhard

It’s not too late Start investing and manage your money. But I don’t want to sugarcoat it. If you’re planning to invest for retirement, getting the ball rolling in your late 60s certainly limits your options. So, let’s discuss some of your choices. (If you have additional investment or retirement questions, This tool can help match you with potential advisors.)

Consider alternative forms of income

With limited savings, you probably can’t afford to ignore them Social Security benefits and other sources of income. If you haven’t drawn in your Social Security benefits yet, keep in mind that waiting until 70 will increase the benefit you receive.

It’s also worth exploring other ways to maintain income well into your golden years. Can you continue to work at your current job, find part-time work or consult on the side?

Deferring full retirement It will increase your cash flow in the near term, allow you to plan for a shorter retirement and possibly give you room to save and invest. (If you have additional questions about maximizing your retirement income, This tool can help match you with potential advisors.)

Paying off your home is great, but consider other expense cuts

The fact that you own your $80,000 condo is commendable. And depending on your location, there may not be many other properties in a lower price category. Therefore, you may have limited options to downsize or find less expensive housing.

But consider the other moves you can make Reduce expenses When it comes to transportation, travel, food and other costs. With minimal savings, you’ll need to watch spending carefully.

If you are ready to match up with local advisors who can help you achieve your financial goals, then let’s start.

Determine the appropriate asset allocation

If you plan to retire $60,000 in the past decades, it’s worth evaluating an appropriate investment balance that allows for short-term liquidity, medium-term time horizons, and long-term growth. Keeping 100% of your money in cash usually doesn’t allow you to keep up economic inflation And it leads to the loss of the nest egg over time.

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Work with a financial advisor It may help you build a portfolio and plan your retirement spending and future income needs. A holistic advisor may also be able to help you work through the tax ramifications of your income and retirement expectations.

Depending on your financial situation, consider whether or not you qualify for a financial advisor Free financial assistance From a source like the Financial Planning Association. (If you have additional investment or retirement questions, This tool can help match you with potential advisors.)

next steps

It’s never too late to start investing, but starting in your late 60s will influence your options. Consider social security strategies and appropriate sources of income Asset distribution. A financial advisor may be able to help you put together your investment and income plan for the coming decades.

Tips for finding a financial advisor

• Find a financial advisor It doesn’t have to be difficult. Free SmartAsset tool It matches you with up to three vetted financial advisors serving your area, and you can interview your own advisors at no cost to determine which one is right for you. If you are ready to find a counselor who can help you achieve your financial goals, let’s start.

• Consider a few advisors before settling on one. It is important to make sure you find someone you trust to manage your money. When you consider your options, These are the questions you should ask a counselor To make sure you make the right decision.

Susannah Snyder, CFP® is SmartAsset’s financial planning columnist and answers readers’ questions on personal finance topics. Do you have a question you would like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column.

Please note that Susannah is not a participant in the SmartAdvisor Match platform and is an employee of SmartAsset.

Photo credit: © Jen Barker Worley, © iStockPhoto / Moon Safari, © iStockPhoto / Milan Markovic

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