Investing after 60 is becoming a more common endeavor for many individuals looking to secure their financial future. A recent story from Montérégie highlights the journey of a 62-year-old woman, Nicole Lussier, who began her investment journey later in life.
Turning Point at 62: Nicole Lussier’s Investment Journey
Nicole Lussier, a social worker, reflects on her financial past. She states, “When I was 20, investing was simply not possible.” As a single parent, finances were tight, and she had limited resources. Lussier lived paycheck to paycheck with her husband, making it challenging to save.
Discovering the World of Investing
After recently paying off her home, Lussier’s daughter encouraged her to consider the stock market. This sparked her interest in personal finance, leading her to explore various resources and literature on investing.
She has started investing portions of her savings in five exchange-traded funds (ETFs) and contributes a bit of money from each paycheck. Lussier aims to retire at the age of 66 and expresses her desire to avoid having a second job at this stage in her life.
Financial Expert’s Perspective
Financial planner Fabien Major notes that beginning to invest at age 60 is uncommon. Most people typically start in their forties. While Lussier’s decision is a positive step, he emphasizes that miracles cannot be expected from late investments. He cautions against taking high risks to make up for lost time, suggesting that stability should be a priority.
Investment Projections
Major performed calculations on Lussier’s potential investments. If she invests $500 monthly, with a long-term expected return of 7%, she could accumulate approximately $87,000 in ten years. However, he advises that this should not be the sole reliance for retirement planning.
Key Takeaways
- Starting to invest later in life is less common but increasingly recognized.
- Personal circumstances often delay investment opportunities.
- Stable investments are recommended for late starters.
- Projected growth from consistent monthly contributions can still provide benefits.
Lussier’s story highlights that it is never too late to start investing, and with careful planning, individuals can work towards improving their financial status in retirement.
