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I’m over 50 and don’t have a retirement plan. What should I do?


It’s never too late to begin saving for retirement. If your employer offers a retirement plan, sign up for it as soon as you can. If not, you can open an Icon account and still enjoy the benefits of tax-deferred savings (your money grows tax-free).

How much money will you need to set aside? If you’re over 50, you’ll need to save aggressively for retirement—at least 15% of your income. This might involve cutting expenses from your current budget, or perhaps taking on a second job or a side business. Some questions to ask yourself:

  • When do I want to retire?
  • Will I have other sources of income when I stop working, such as Social Security?
  • What expenses will I have when I retire?