What to do If You're Late to Retirement Planning

According to Northwestern Mutual's 2018 Planning and Progress Study, one in five Americans have no retirement savings. However, if you have yet to start retirement planning, you still have time. As many say, better late than never! Forbes shares a few tips for how you can start retirement planning even if you're late to the game.

1. Estimate how much you will need.

Planning for retirement means planning for the future. And this means that you will need to take a strong guess at how much money you will need in order to have the retirement you desire. Calculate how much you will need for food, living expenses, insurance, etc. Along with this, factor in your retirement goals. Do you want to travel? Buy your dream home? Start saving to reach these goals!

2. Watch your spending habits.

You can only save money if you have money. Keep a close eye on where you're spending your money, and decide if you can hold off on those expenses, or get rid of them entirely. For example, ask yourself if that streaming service or shopping trip is really worth it. Furthermore, if you're paying a high mortgage or an expensive monthly car payment, you might have to seriously compromise (i.e. downsize to a smaller home).

3. Pay off that debt.

You're not alone if you feel like your drowning in debt! However, it's important to pay this off as soon as you can. If your credit card bill has become overwhelming, make it a priority to pay a little bit every pay day. Also set aside enough to pay for more costly expenses such as your healthcare bill.

Forbes shares more on how to start saving for retirement even if you're late to the party. To receive further advice, speak with a financial advisor for more specific insight. Remember that every dollar makes a difference!

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?What retirement planning advice have you found to be most helpful? Share below!