[Barbara]

I’m 66 and still working. I have zero retirement savings. If I opened an IRA now, and worked til I’m 72, would it be worth it?

Considering tax benefits, contribution limits, and required minimum distributions (RMDs), is it a smart move?

I’d love to hear from those with experience or financial expertise!

[Diana]

Yes, it would be worth it but I doubt you will be able to retire “comfortably” in the US.

Best bet is increasing your income and investments now with the goal of retiring outside of the country.

[S.A]

Saving is always worth it. Do you have assets to sell? Can you live on Social Security?

[Smith]

How were you planning on living in retirement? Do you know what your SS benefits will be at age 70? Will you get a pension?

Does your employer do a match with contributions?

Do you have any debt?

[Robert]

Of course it’s worth it. The only time it’s too late to save for your retirement is when you are no longer breathing.

[Shaina]

My heart is breaking for you. Women need to be taught financial literacy early on.

I don’t really have solid advice, I’d say yes though— putting away anything is better than not doing anything at this point.

[Cheryl]

Ignore the judgment and haters here. It’s an act of love to yourself – that you deserve – to put all your energy toward getting your income up and expenses low at this point.

What are you spending per month? Track every dollar to see where you can cut back.

Can you increase your income now while you’re relatively younger/healthier? Can you take in renters?

Can you qualify for some public assistance while you get your income up? Is there a less expensive place to live now?

Less expensive place to live in retirement. What if you become ill, do you have family nearby who can help? Yes, an IRA now is a good idea, but there is a lot more to the picture.

It is easy to learn and you can completely change your approach today and give it all you’ve got!

You’ve got this.

[Bed]

Do not put any money in anywhere other than your bank account. Other than that collect social security ASAP and move to Cambodia or another very low cost of living country.

Best of luck

[Sean]

Would it be worth it to have some money in retirement instead of no money?

The answer is yes.

[Chrissy]

I’d look at your whole financial picture. Where do you live? Can you rent out rooms to decrease your day to day expenses? Can you tighten the budget?

Will your social security support you?

I don’t think investing will make a huge difference necessarily, but cutting expenses and identifying how you can live off the limited retirement you have from social security might be an option.

[Alexander]

Why do you have zero savings at 66? Start with the basics and spend less than you earn.

Where you put the money after doesn’t matter as much

[Mark]

I doubt it. If it’s a Roth, sure, but traditional IRAs convert capital gains into ordinary income which dramatically raises your tax bill.

[Darrell]

I can’t tell if this is a serious question.
So, the question you’re asking is having a small retirement nest egg better than having absolutely no nest egg?
Yes.

Something that maybe even more important is learning to live below your means. Also getting rid of all debt and not taking on any debt from here on out.

Getting your bills reduced to the lowest level possible before retirement will likely help more than having a few thousand dollars in savings.

But seriously you need to do both. Maybe even consider a second job.

[Mary]

The first things to consider are what will your social security payment be if you retire at 70? If unsure set up a mysocialsecurity account to check.

Second is what is your housing situation, are you renting or do you own? If own, is your mortgage paid off?

If you rent and your income will not be high in retirement you need to apply for senior HUD housing where your rent and utilities are 30% of your adjusted income.

I worked with the homeless for many years and these programs were true lifesavers but also are not just for homeless folks by any means.

My mom moved into a really nice one last year that provides lots of free services and her own nice 1 bedroom apartment and patio in a lovely community in Massachusetts.

Waitlists can be 2+ years so apply as soon as you qualify financially.

If you own a house seek professional advice about whether or not to sell and consider lowering costs by renting rooms.

You dont want to invest much in stocks if you are close to retirement. Bonds could be an option.

If you set up an IRA with someplace like Fidelity I believe they offer low cost advising for people putting in under 50k or so.

This is definitely a situation where you want professional advice.

[Author]

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