No savings at 50? 2 UK shares I think could still make you a Stocks & Shares ISA millionaire!

Approaching retirement with nothing in the bank? Don’t panic! Buying UK shares in something like an ISA could still make you a fortune.

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It’s never too late to try and make a fortune by buying UK shares. The rates of return that stock investing offer mean that even those who come late to the party can get seriously rich. Some of them even achieve the holy grail and make millions in products like Stocks and Shares ISAs.

It’s been proven that long-term investors — i.e. those who buy UK shares and hold them for 10 years or more — make an average return of 8-10% per year. This means even if you’re 50 and have nothing in the way of savings or investments you still have time to build a decent pot of money for retirement.

Someone who’s 50 today won’t be eligible to claim the State Pension until they’re 67. By that time they could have created a fund of between £210,000 and £254,000 by buying £500 worth of UK shares each month.

Happy retired couple on a beach

Buying after the stock market crash

Investing in UK shares is a particularly good idea right now too. The stock market crash of early 2020 leaves many top-quality UK shares trading at little cost. As a consequence, you and I can build a five-star stocks portfolio at reduced cost and watch it rocket in value as share markets gradually recover.

This is a tactic that allowed hundreds of ISA investors to make millions after the 2008/2009 stock market crash. And here are two top UK shares I’m thinking of adding to my personal Stocks and Shares ISA:

  • Royal Mail isn’t having the best of it right now as huge restructuring costs and the letters market dies. As a consequence, the FTSE 250 courier expects to make a loss this fiscal year. I reckon its 10% share price fall in 2020 provides an attractive buying opportunity though. Why? Rampant e-commerce growth is driving parcels volumes through the roof at Royal Mail (up 34% in the first six months of 2020). And it’s accelerating restructuring plans to capitalise on this booming market and deliver excellent long-term profits growth.
  • Heightened economic uncertainty, rising geopolitical tensions, and extensive central bank money printing all bode well for gold prices. And UK share investors should consider riding this theme by buying Centamin stock, in my opinion. This FTSE 250 gold digger hasn’t fallen in value like Royal Mail in 2020. But it has plenty of scope to rocket in value in the years ahead. Some believe gold, which recently hit record highs above $2,000 per ounce recently, will double in value in the current environment. This could make many ISA investors seriously rich.

Make a million with UK shares

This is just a taster of the top-quality UK shares that could make investors an absolute packet in the years to come. And The Motley Fool’s enormous catalogue of exclusive reports can help you find even more. So do some research and get investing today, I say. You could build a huge retirement fund and possibly even make a million.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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