What to Do If You’re 60 Without Retirement Savings

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If you’re 60 or even in your 50s and don’t have much saved for retirement, you’re not alone. In 2022, 27 percent of people between 55 and 67 had less than $10,000 saved. At the same time, 40 percent had under $50,000 for retirement.

The goal for many of these people is to catch up. But that can seem like a daunting task. What do you do if you’re 60 without retirement savings, and how much do you really need?

Take Inventory of Financial Situation

Where are you now, and where are you going? Forty-four percent of baby boomers say they “guessed” their retirement savings needs. They didn’t calculate with real numbers what they would need.