Starting to save for retirement at 63 is late, but it's never too late to make a positive impact on your financial future.
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Earlier savings have more time for compounding effects, but that doesn't mean late starters should give up on planning.
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It's essential to be realistic about retirement expectations, considering factors like when you can afford to retire and the lifestyle you can maintain.
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It's essential to be realistic about retirement expectations, considering factors like when you can afford to retire and the lifestyle you can maintain.
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If starting at 63, it's crucial to save as much as reasonably possible, while still meeting essential living expenses.
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Consider ways to reduce expenses in your budget to increase savings potential, which can also ease the transition to retirement.
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While savings at this stage may not amass a large balance, any amount saved is better than nothing and provides an added layer of security.
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For example, maxing out an individual retirement account (IRA) each year at $7,000 (with catch-up contribution) over seven years could yield a significant balance, depending on investment growth rates.
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Besides personal savings, consider other sources of retirement income, such as Social Security, which can be optimized by waiting to file and taking advantage of delayed credits.
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Non-traditional retirement, involving part-time work coupled with Social Security benefits, is an option worth considering for a comfortable retirement lifestyle.
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This approach can provide social interaction and a sense of purpose, in addition to financial benefits.
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