If You Haven’t Saved for Retirement, Start Here (No, It’s Not Too Late)

Introduction

Retirement savings? Sure, you meant to start years ago, but life happened. The good news? You can still build a secure future—if you act now. Here’s how to get started, no matter your current situation.

Step 1: Assess Where You Stand

• Know your net worth – List assets vs. liabilities.

• Identify your retirement goals – Do you want to retire at 60? Work part-time? Travel?

• Estimate how much you’ll need – Online calculators can help. Most experts suggest aiming for 25 times your annual expenses.

Step 2: Boost Your Savings Fast

• Maximize retirement account contributions – 401(k)s, IRAs, or Superannuation (if in Australia).

• Cut unnecessary expenses – Subscription audits, meal planning, and negotiating bills can free up cash.

• Side hustle smartly – Freelancing, consulting, or rental income can help.

• Consider delaying Social Security/Pension – If possible, delaying withdrawals can increase your long-term benefits.

Step 3: Invest Wisely

• Diversify – Stocks, bonds, index funds, and real estate.

• Use tax-advantaged accounts – Take advantage of tax breaks.

• Avoid high-risk investments – At this stage, stability matters more than aggressive growth.

• Work with a financial advisor – A small fee now could save you a fortune later.

Conclusion

The best time to start was yesterday. The second-best time? Today. Even small steps now can make a huge difference in your future.