Daily Money - It's Never Too Late to Start Saving

When it comes to statistics, context is important. Take, for example, the figure 1 in 3. If a baseball player gets a hit once every three times they’re at bat, there’s a solid chance their .333 batting average is going to lead the league. That’s a good thing.

Similarly, if the Powerball began offering a winning probability of 1 in 3 tickets, the line at your local convenience store would wrap around the corner because the lottery would practically be minting millionaires. That would also be a good thing.

But sometimes, 1 in 3 can be a horrifying statistic. For example, according to a new survey conducted by asset management firm BlackRock, one third of Americans have no retirement savings. None. Zero. Zilch.

That’s objectively not a good thing. 

If you find yourself in that group, don’t panic. It’s never too late to begin saving. That’s largely because of catch-up rules that let older savers tuck away additional money as they prepare for retirement:

• At age 50, the annual IRA contribution limit increases from $7,000 to $8,000
• At the same age, you’re eligible to contribute an additional $7,500 to a 401(k)
• From age 60 to 63, you can contribute an additional $11,250 to a 401(k)

Retirees are often reminded that it’s never too late to pick up a new hobby, try a new restaurant or enjoy any number of new experiences. If it’s not too late for them, it’s still not too late for you.

President Donald Trump’s tariffs on just China, Mexico and Canada could cost the average American family as much as $1,200 annually — and that’s not including his plan for reciprocal tariffs on U.S. trading partners more broadly.

A reverse mortgage could be just the thing for you. It offers a way for homeowners 62 or older to access their home equity. You don’t have to pay it back as long as you live in the home, maintain the property, and pay property taxes and insurance. This makes a reverse mortgage a potential solution for those without heirs or whose heirs are prepared to handle the loan balance in the future. Want to find out if a reverse mortgage is right for you? Click below to get started.

See Money’s list of the best reverse mortgage providers.

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