Here’s how to start investing in your 60s

It's not too late to start investing for retirement, even if you're in your 60s. The key is to start setting money aside right away and set up an automatic contribution to your retirement account. If you don't have a retirement account, take a half hour to set one up with a reputable brokerage firm like Vanguard, Fidelity, or Schwab. Asset allocation is important, and you should allocate your retirement money based on when you expect to need it, using the bucket method. You should put away as much as you can, and take advantage of tax-deductible contributions to lower your tax burden. You can also find other sources of investment money, such as searching for forgotten retirement accounts and unclaimed funds, or selling off accumulated stuff. However, do not use your Social Security benefits as a source of investment money, as it's a guarantee and you could lose the money. It's best to delay taking your Social Security benefits until you have reached age 70 to maximize your monthly benefit amount. The most important thing is to start right away and make a plan for your asset allocation.