I'm 60 With No Retirement Savings. What Are My Options?

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By the time you reach the age of 60, retirement may be right around the corner. So in an ideal world, you'll have a nice amount of money saved for your senior years by then.

But what if you turn 60 and realize you have no money saved for retirement whatsoever? Fidelity says that you should have eight times your salary banked by then. If instead of that, you have $0, you may be inclined to panic.

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Try not to. Your situation isn't the best, but it can still be salvaged. Here are some steps you can take to avoid a retirement that's filled with financial problems.

1. Plan for a longer career

If you're ready to get serious about retirement savings now but are aiming to stop working at age 65, that frankly doesn't give you a lot of time to build up a nest egg. So if you've reached age 60 with nothing saved, consider extending your career a bit more. Doing so gives you more time to build savings and create a financial cushion for your senior years.

In fact, if you're willing to work until you're 70, that gives you 10 years to fund an IRA or 401(k). It also gives you just enough time to invest your savings in stocks (though you'll want to scale back on those within a few years of ending your career).

So let's say that over the next decade, you contribute $500 a month to a retirement plan that delivers an average annual 7% return. That 7% is a bit below the stock market's average because we'll assume you'll scale back on stocks during that period.

If so, you're looking at a nest egg worth about $83,000. It's not a ton of money, but it's a safety net you can fall back on in addition to Social Security.

2. Aim to continue working during retirement

There's no rule stating that you can't hold down a job once you've made your retirement official. In fact, you're allowed to collect monthly benefits from Social Security even if you have a job (there are earnings limits that could result in withheld benefits, but those won't apply to you if you're working and collecting Social Security at age 67 or older).

Now at first, you might associate a part-time job in retirement with working a cash register or something similar you may not find so desirable. But thanks to the gig economy, work in retirement can actually be fun.

You could teach piano if it's a skill you have, or sell baked goods at farmers markets. You can also drive for a ride-hailing service if you don't mind spending time behind the wheel.

3. Turn your home into your nest egg

If you own a home, then there's a good chance you'll have it paid off in time for retirement -- or at least mostly paid off. If you're willing to sell that home and downsize, your sale proceeds could turn into your retirement nest egg or pad an existing one.

The median home sale price 30 years ago was $132,000, according to Federal Reserve data. Now, it's about $421,000.

So let's say you're able to sell a mortgage-free home for that sum and buy a replacement home for $250,000. Even if you take out 5% for a real estate agent's commission, you could still walk away with about $150,000 in your pocket. That's money you can then dip into as needed on top of the funds you've saved separately.

While it's not a wonderful thing to be 60 with no retirement savings, you have options. Commit to turning things around immediately, and you may be surprised -- in a good way -- at how financially sound your retirement ends up being.

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