Let’s face the facts, most people live paycheck to paycheck and do not put any money aside for retirement.  We see it every day where a friend or a family member wakes up and realizes that they are going to be almost 60-years old and they have very little saved for retirement. If you are over the age of 40 it is never too late to start saving for retirement, however there may be some facts that you have to come to terms with if you wish to retire comfortably.

  1. This is priority oneWhether you like it or not retirement savings needs to be at the forefront of your mind. You may have very little saved or you may have a 401k that you left behind at a previous employer, but as you age it is a time to assess and reassess your assets to determine what your cost of living will be at your ideal retirement age.  Luckily, as we age there is a built-in catch up limits for most retirement accounts such as 401k or IRAs.  This is a time for action and it not a time for beating yourself up.Image result for Is it too late to start saving for retirement?
  2. You may have to find another source of income.There are various ways to make extra income, whether you need to find a second job or find ways to utilize your talents such as becoming a school tutor or provide freelance work in your field. Finding an extra $200 to $1000 a month to put into savings or investing can make all of the difference when it comes to retirement.
  3. You may have to delay your retirement.Check with your financial advisor, tax professional, or stock broker and determine when would be a realistic age to set as a goal for retirement. At a certain age in the United States you are able to earn more Social Security income if you delay retirement up to 124%.  Though this might not be enough to achieve the goal replacing 60% of your final retirement income it can make steps towards it.
  4. Sorry (though not sorry), but you have to do some homework.Whether you are choose to work with a financial planner, stock broker, or go the individual route and choose a discount brokerage; do not invest in anything that you do not understand or you have ear marked those funds for a specific purpose such as a mortgage payment and food. Investment accounts should be monitored on a regular basis to not only keep tabs on the balance but to determine if you are a victim of fraud.  Because of the urgent nature of saving for retirement at an older age people tend to invest in options that they either do not understand or that promise huge returns in a short amount of time.  These promises can easily become an investment scam and you may find yourself a victim.  Always have the name of a good securities attorney on hand such as those at Thomas Law Group to combat against being a victim.

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