So you didn’t get started on your retirement savings at 20, but it isn’t too late. While advisors warn that if you don’t start early, you won’t be able to save enough, that doesn’t mean that you shouldn’t start at all.
Better late than never.
Millions of Americans are over 40 with no substantial retirement savings. The key is taking full advantage of every penny between now and retirement.
First, you need to sit down and estimate how much money you will need to retire. Don’t focus on how to arrive at the number; there are a lot of conflicting methods. You don’t need to necessarily set the round $1 million figure as a goal, either. Simply get a good ballpark figure by looking at what bills you pay right now and what you intend to pay in retirement. There are a few online retirement calculators that may be useful.