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No savings at 50? I’d take these 3 simple steps to generate a passive income in retirement

first_img Our 6 ‘Best Buys Now’ Shares Simply click below to discover how you can take advantage of this. Image source: Getty Images Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. “This Stock Could Be Like Buying Amazon in 1997” It’s never too late to start planning for retirement. Therefore, even if you have no retirement savings at age 50, it is still possible to enjoy financial freedom in older age.By focusing your capital on growth assets, you may be able to generate impressive returns. Likewise, selecting the most favourable companies and buying them through a tax-efficient account could improve your financial prospects.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Asset allocationWhile many people use savings accounts and Cash ISAs to build a retirement nest egg, they may not be all that productive. In other words, the returns they offer could prove to be relatively low in many cases and may not help to bring retirement any closer.For example, obtaining an inflation-beating income return on cash is extremely difficult at the present time. This means that any savings you build in the meantime are losing their spending power. This may mean that you need to save more to enjoy a generous passive income in retirement.As such, at age 50 it may be prudent to focus your capital on riskier assets such as shares. They offer higher long-term returns that may produce a larger nest egg from which a more generous passive income can be drawn in retirement.Quality stocksOf course, with there being a wide range of companies to choose from it can be difficult to decide where to invest in the stock market. One potential strategy is to focus on the quality of the companies being purchased. For example, buying stocks that have solid balance sheets, strong cash flow and which have a wide economic moat. They may be less risky than their peers, and may offer higher long-term returns.Buying quality stocks at low prices is a strategy favoured by highly successful investors such as Warren Buffett. While it may not be possible to realise his level of success, his simple investment strategy can be emulated by other investors to provide an improved retirement outlook.Tax efficiencyWhile reducing your tax bill may not be a priority in the short run, it can make a real difference to your passive income potential in older age. For example, the dividend tax allowance stands at just £2,000 per annum. Therefore, investing through a bog-standard share-dealing account may eventually lead to a relatively high tax bill in retirement.One solution to this potential problem is to invest through a tax-efficient account such as a Stocks and Shares ISA. No tax is payable on any amounts invested through it, while it is simple and cheap to open online. Therefore, now could be the right time to start investing in high-quality stocks through an ISA. It could lead to surprisingly large returns in the long run that provide the opportunity for you to enjoy a generous passive income in older age. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. No savings at 50? I’d take these 3 simple steps to generate a passive income in retirement Enter Your Email Address Peter Stephens | Saturday, 11th January, 2020 See all posts by Peter Stephenslast_img read more