You Turned 60 and Forgot to Save for Retirement. Now What?

You Turned 60 and Forgot to Save for Retirement. Now What?

So, you hit the big six-oh. The grim reaper is sending "save the date" notices, and here you are, excited about the golden years but sweating bullets because your retirement savings account is emptier than the promises of a politician. Fret not, my friend. Even though you might think the ship has sailed, there's still a chance you can swim after it - but you better start dog paddling now.

Let's dive into it. First thing's first: start contributing to your 401(k) program. If you're lucky enough to still have an income that doesn't just cover your monthly survival, throw a chunk of it - at least 5% - into that 401(k). Many employers match contributions, meaning you're essentially leaving free money on the table if you aren't contributing the minimum required amount to get their match. Sure, it's not winning the lottery, but it's free money, and beggars can't be choosers at this stage of the game.

Still got some loose change stuffed under the mattress or stashed in an old coffee can? Great. Consider opening a Roth Individual Retirement Account (Roth IRA). Thanks to your advanced age, you can dump more money into this account than those wet-behind-the-ears thirty-somethings. And when you withdraw it, the taxman doesn't get to take a massive bite out of it. Just make sure you don't get impatient and pull it out before it's time – timing is critical, people.

Now, let's get real about your wants and needs in retirement. Start by sketching out your ideal retirement life. Yeah, I know, it sounds like some new-agey vision board garbage, but stick with me. If you haven't been saving, this should have been your first step – knowing what you are saving for. Are you going to play golf and sip martinis, or are you a ramen-noodles-every-day kind of retiree? Whatever it is, start channeling every spare dollar into those savings. Sell the jet ski, cancel those five streaming services, and get serious.

Speaking of which, let's talk about your house. Is it a money pit? Does it cost a fortune in maintenance? If it's bleeding you dry, it might be time to let it go and downsize. Translation: trade it for something cheaper. Retirement communities might actually not be as bleak as they sound. They're affordable, and who knows, you might find some soul willing to listen to your rants about "the good old days."

We all have some kind of dream for our free time after the labor grind ends, but those dreams often come with a price tag. Want to travel? Start your own business? Fish every pond this side of the Mississippi? Those activities aren't free. Figure out the costs and tack that onto your retirement savings target. Fantasyland is fun, but it's called fantasy for a reason – you need a cold splash of dollar-sign reality to get there.

Learn to pinch pennies until Lincoln cries, because here's a truth bomb – you're about to be on a fixed income. When that income is gone, that's it. There's no financial fairy to top up your magical money bucket. The smart move is to start living like you're on a fixed income now. Adjust your lifestyle, track your expenses, and get real with your budget. If you fail miserably at it, you've got a small window to remedy your situation by working longer.

Debt – it's time for a come-to-Jesus moment with your credit report. Request a copy and face your skeletons head-on. If you owe anyone money, they're going to come knocking, and it's not going to be a friendly chat over coffee. It could land you in small claims court, and trust me, it won't be a sitcom scenario. Pay your debts off before you retire to avoid this mess chipping away at your sanity and your savings.

The big head-scratcher for many is this: how on earth do you save for retirement while still juggling debt payments? Simple. The two go hand in hand. Once you pay off a debt, redirect those funds straight to your retirement account. You might even need to swallow your pride and pick up a part-time job or cut out unnecessary (read: overpriced and wasteful) purchases to throw more cash toward both goals. If properly disciplined, you could even get into a rhythm where half your money tackles the debt, and the other half builds your retirement nest egg.

So, here's the raw, unfiltered truth. Saving for retirement at sixty isn't going to be a walk in the park. It's more like trying to hike Everest after a lifetime of lounging on your couch. But it's not impossible. You've got to channel every ounce of grit, determination, and dark humor you've got left into making it work. You'll need to laugh at the absurdity of reconciling dreams with cold monetary reality. You'll need to keep moving forward even when the shadows of your financial past loom large. But above all, remember: you still have time, however slim, to flip the script and craft an ending you can live with – preferably one where you don't eat cat food in a dimly lit apartment.

Remember, it's not over until it's over. And until then, you fight. Because, frankly, you've got no other choice.