Retirement Planning When It Seems Like It’s Too Late

Everyone knows you should start saving for retirement when you start your first job. But some of us, by choice or necessity, seemed to have yet to get started.

If you’re getting a little long in the tooth and don’t have much tucked away, this guide is for you. It’s never too late to plan for your retirement.

★ You may have a couple of advantages.

• Depending on how close to retirement you are, you may be in your peak earning years with lower expenses today than a few years ago. Even the house is paid for, and the kids care for themselves. If so, you can now devote more of your income to savings.
• Even the house is paid for, and the kids care for themselves. If so, you can now devote more of your income to savings.

★ Make a plan. How much money do you need?

• Step 1: Add your savings, other assets, and projected retirement income.
• Step 2: Subtract debt and living expenses to support your desired lifestyle.
• The shortfall is what you’ll want to provide before or during retirement.
• Research some ways to bring in passive income to supplement savings.
• Consider part-time work or ways to monetize your hobbies.