 TITLE: How Much Money Should You Have Saved by 60? CONTENT: Factors to Consider When Saving for Retirement at 60\n----------------------------------------------------\nEstimating your retirement income only tells one part of the story; several additional factors come into play. Before you celebrate—or despair—over your projected funds, think through these questions:\n*   **How much income do you need to support your lifestyle?** Consult your current budget, but also look ahead at factors that may reduce your needs when you retire. Will your mortgage be paid off? Will switching to Medicare save you money? Will you spend less on clothing, cars, dry cleaning or dining out? Will you spend more on travel?\n*   **What sources of income will you have?** In addition to retirement savings and Social Security, do you have separate savings, passive income or additional pensions you can tap?\n*   **How long can you work?** Can you continue doing your current job for as long as you want? Is it possible your job will end? Do you feel physically and emotionally capable of working for another five or 10 years?\n*   **What will you do if you run out of money?** You don't want to resort to a backup plan, but you should have one just in case.\nThese issues can be complicated. If you need an expert eye, consider working with a financial advisor to help you figure out exactly what your options might be. At age 60, you don't have decades to save and invest for your future retirement, but you do have time to gather the facts, make some plans and save, save, save. END