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I’m 60 years old with only $3K saved for retirement — and I want to build a nest egg of $100K over the next decade. Is that possible?

At 60 years old, Shauna Sharpes is anxious about her financial future. She’s been concerned that with not enough money set aside – a mere $3,000 – she’s missed the chance to start saving for retirement early.

The Wall Street Journal.

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Sharpes was significantly affected by the economic downturn that has plagued the United States in recent years.

She lost nearly half of her 401(k) savings during the Great Recession, and used up the rest to pay off her mortgage, despite being penalized for withdrawing the funds early. She then faced another setback when she became unemployed due to the global economic downturn. This was followed by a divorce, leaving her with no retirement savings to fall back on.

She aims to save $100,000, pay off her housing loan of $260,000, and start a reduced work schedule by age 70.

The ultimate goal: achieving financial stability within the next 10 years. Here’s a roadmap to get you back on track.

Getting a Head Start on Saving for Retirement When You’re Behind

When you’re significantly behind in retirement savings, it might seem impossible to reach a goal of saving $100,000, but if you have a 10-year time frame to catch up, it’s essential to act quickly.

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Let’s take Sharpe as an example. If you start with $3,000 and aim to reach $100,000 in ten years, approximately $568 would need to be saved each month at an average annual return of 7%.

Saving $6,816 a year towards a retirement plan can be challenging if you’re living on a limited income and also trying to pay off other debts.

Based on the projections and inputs you provided regarding your anticipated earnings and financial inflows.

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Your monthly benefit is determined based on when you decide to start receiving it, with the option of waiting until age 70 for a better payout.

At any time while in retirement, you never know when a surprise housing expense or costly medical bill may arise, potentially throwing a twist in your retirement savings plan.


Individuals and businesses often collaborate with a financial advisor for professional guidance on managing their financial resources and making informed investment decisions. These experts typically possess specialized knowledge and experience in various aspects of finance, including investment strategies, tax planning, retirement planning, and estate management. They often help their clients create comprehensive plans tailored to their specific needs and goals, which may include saving for short-term objectives, growing wealth, or achieving long-term financial stability.

Some benefits of working with a financial advisor include:

1. Improved investment decisions:

Financial advisors can analyze an individual’s or organization’s risk tolerance, investment goals, and financial situation to make data-driven investment recommendations.

2. Cost savings:

Advisors may help clients identifies ways to minimize unnecessary fees and optimize their investment portfolios.

3. Tax optimization:

By taking advantage of tax-deferred savings opportunities and minimizing tax liabilities, financial advisors can significantly reduce the tax burden for their clients.

4. Peace of mind:

Knowing that a professional is managing one’s financial affairs can provide a sense of security and reduced stress in the face of market fluctuations.

Making smart financial decisions

If all those financial calculations are overwhelming you, there’s a silver lining – you can begin rebuilding by investing in the right accounts and capitalizing on available tax deductions.

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You’re also permitted to contribute a total of up to $7,500 toward a 401(k) or up to $1,000 to an IRA account.

If your company offers a 401(k) plan, your employer may also contribute a sum of money equal to some portion of what you save. For instance, with a 50% match, you’d only need to invest approximately $375 a month to reach your $100,000 goal. Many people can manage this, especially if they have flexible work hours that allow them to pick up extra overtime.

You can also be more aggressive in your savings with investments. If you can earn an average 10% annual return by putting a lot of money into the stock market, such as, you’d only have to save $482 each month instead of $568 brought up earlier.

Has consistently provided an average annual return of 10% over a long period of time.

To guide you in preparing for your retirement, particularly if you trail behind in your planning.

Even if you may not have the option to become a wealthy retiree, every dollar you save will bring you closer to achieving financial stability and a happy retirement.

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This text is for general knowledge purposes only and should not be taken as a recommendation or endorsement. It is presented without any guarantees or certifications.

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