How to save for retirement in your 60s

Retirement plays a crucial role in our lives, and it is not for less since our well-being depends on it once we take our well-deserved rest. It is in the day-to-day media and the political agenda since the system, due to the increase in life expectancy and the decrease in the birth rate in recent decades, needs constant reforms to make it viable.


Although each month, they take away a percentage of your earnings (the company pays 32%, and 6.5% is subtracted from your payroll) for your future retirement. This percentage is not kept in a piggy bank but is used to pay those who are currently retired. They hold apart from you with the promise of tomorrow having the right to collect the pension. But that will depend on the number of workers and pensioners when you retire.


In this article, we will not assess which reform is the best, if there will be enough immigration to pay our pensions or if productivity will increase so much that the State will have enough money and we will not need to work until we are 75 years old. We will try to ensure that; regardless of what happens until you retire (you may have 2 or 40 years left). You will have retirement savings that will allow you to maintain your standard of living and not depend only on the public pension. The requirements will likely change from what currently exists if you have decades left.

Tips to save for retirement

Once we know the importance of saving for retirement and the different products on the market to multiply your savings, we will try to give you a series of tips to help you generate that saving discipline.

Set a goal

Set a realistic savings goal based on your salary and expenses that allow you to save while still enjoying life. It is advisable to save at least 10% of income. Getting used to living as if you earned 10% less is, in general, more straightforward than trying to save 30% or 40% of your monthly salary.

Take advantage of the increases and bonuses.

If you stick to the 10% save percentage, when that well-deserved promotion or pay raise comes along, you’ll automatically be saving more each month, speeding up the compound interest snowball. If you receive unexpected income, such as a larger-than-expected bonus or rent refund, you can invest some money for retirement.

Control expenses

To achieve that 10% savings, it is essential to keep total control of expenses. Have a contingency cushion equivalent to 8-12 months of expenses but don’t postpone saving for contingencies. Discipline and perseverance are necessary, and over time it will not cost you to keep according to the goal you set for yourself.

Investments to Practice for Retirement

As we have seen, saving for retirement without investing your savings is a challenging task to carry out. Instead, funding your retirement savings can help you achieve that goal. But what to invest in and where to invest:


We do not recommend it unless you have excellent knowledge to invest, conviction, and time to follow your investments. In addition, it is not fiscally attractive since every time you sell with capital gains. You must pay the Treasury 19, 21, 23, or 26% of the profits, and part of the magic of compound interest is lost.

Pension plans

The problem with pension plans is that historically they have given an inferior performance. They are offered by traditional banks in which their interest is to charge you the commission and not make you earn money, hence their low profitability. Likewise, taxation is not attractive since you pay on income from work and not on income from savings when you withdraw cash. You can read here to see the difference.


We do not know what will happen to the numerous cryptocurrencies that will appear if Bitcoin is the winner or one that does not exist yet. Blockchain technology is likely to have multiple uses in the future, but we still don’t know which ones. In addition, it is surrounded by a lot of speculation. We are talking about investing retirement savings, so it would be an asset to avoid or not invest a large percentage of savings due to possible permanent capital loss.

Pat Way Income

Furthermore, the proven way we advise you to invest in your 60s is using the Pat Way Income. If you have doubts about which is the way it works based on your risk profile, do not hesitate to write to us. With Pat Way Income, you only pay for the months you earn money. The investment method is specifically designed to ease your earnings and prepare your future. We do not care about the amount of money you have to invest; we only advise you competently and protect your assets.

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