No matter what your age, it is never too late to plan for your retirement. Of course, if you start when you are 30 instead of 50 you’ll have a lot more money to enjoy your retirement. Here are some strategies you can begin to implement now:
- If you are not currently participating in your company’s 401(k) plan, start now.
- Set aside a minimum of $100 a month for retirement savings.
- Investigate safe and viable investment options.
- Look into IRAs that are appropriate for your situation.
- Contemplate part-time work options for your retirement based on things you like to do. If you enjoy golfing consider working at a golf course.
- If you are in your mid 50’s or older, and anticipate a shortfall, start cutting back on your current expenses and put the savings toward your retirement.
- If you are a late starter don’t be tricked into higher risk investments. The older you are, the less time you’ll have to recover any investment losses.
- Make sure you factor inflation in when computing what you will need to live comfortable during retirement. Inflation has averaged between 3 and 4 percent over the last 15 years.
If you think small and do it consistently it’s easier to save. The table below shows what saving just $100 per month (less than $3.25 a day) can mean towards your retirement.
Number of Years
|Rate of Return||5||10||15||20||25||30|