Late Saving For Retirement? Here’s How to Catch Up.

You are living it up in your 20s.  But just after you enter your early 30s (40s or 50s), reality smacks you in the face and you realize you have nothing saved for retirement.

You may wonder, What have I been doing with my life?

Now what.  What you should do?  Is it too late to start saving for retirement now?  Well, I'm here to tell you no, it is never too late to start saving for retirement.

In this post, I'll break down what you need to do if you're just starting out in your 30s, 40s, or over 50.  We'll look at some steps you should take and strategies you could implement.

As always, be sure to do your own research and make sure what you decide is right for you.  You may want to even consider hiring a fiduciary fee-only financial advisor.

Things to Keep in Mind:

Remember that even if you want to live off just $50k per year, that translates to having at least $1,250,000 in your retirement account.  

Yup.  That much.  

Especially, if you want to follow the 4% rule to ensure you don't run out of money in retirement.  And what's worse, that doesn't even take into account the taxes you'll have to pay on those withdrawals.

So long story short.  Yeah.  You've got a lot of work ahead of you.

Saving for retirement late in the game may not be easy but it is definitely doable.  Remember, you're not alone.  

We have a long road ahead of us. But what we must do now is start.  So let's get to it.

• How to Save for Retirement in Your 30s
• How to Save for Retirement in Your 40s
• How to Save for Retirement Over 50

How to Save For Retirement in Your 30s

You may have been like me, partied your 20s away and have only now realized you have nothing saved for your future.  No worries!  You are definitely not alone in that one!

But never fear you still have time!  And by taking the following actions, you'll be well on your way to getting back on track for retirement.

Make Plans for Your Retirement

The first thing you have to do is make plans for your retirement.  Once you nail down the specifics, you will know what actions you need to take now.

When Do You Want to Retire?

Determining the age you want to retire is key to planning your financial future.  No matter what age you start planning for your retirement, you will need to know when you are going to retire.

Do You Want to FIRE?

FIRE stands for Financial Independence Retire Early.  And in the recent years, there's been a big FIRE movement with many people being able to retire in their 30s and 40s.

If you decide that this is what you want to do, then you will have to be much more aggressive in your savings.  

To reach retirement early you'll have to sock away all that money, that would usually take 40 years to accumulate and then some, in 10 or 20 years.

How Much Do You Want to Live On?

To be adequately prepared for the future you must start with the end in mind.  So take the time to decide now how much you want to live on in retirement.  $30,000? $60,000?  What you are making now?

In this step as well, be sure to envision the life you want.  Will you have a house that is already paid for?  Do you want to still be able to travel in retirement?  

And don't forget to account for the fact that in retirement you'll probably start a new hobby.  So you'll definitely want to factor those costs in as well.

How Much Do You Have to Save?

Now that you have a number for your income during retirement, we can calculate how much you need to save now to reach your goal.

To do this, you will need to know the age you want to retire, the inflation rate (because $60k now is not the same as $60k 30 years from now), and the interest you can expect to receive from your investments.

Inflation

In the recent years, the inflation rate has been around 2%.  So you can use this in your calculation.  With all that is going on in the world now though, you may want to consider a more conservative approach and use 3 or 4% inflation rate.

*Be sure to adjust accordingly should inflation get even higher than this.

Interest from Investments

Next, what can you expect in terms of interest from your investments? Historically, the stock market has returned on average 10% after inflation.  

However, with the global pandemic and the markets being a little wonky, some of the financial gurus are saying that the returns are going to be much lower for the next couple of years.

So you may want to plan for a 5 or 6% return on your investments.  At least for the next few years.

You can use this retirement calculator from Calculator.net to check your numbers.  There's one to first determine how much you need to retire.  

Then use the calculator below to figure out how much you need to save every month to reach your goal.

Start Maximizing Your Savings

So, how'd you do?  Do you need to sell your soul to reach your goals?  Or maybe just start putting away loads? 

In any case, now that you now how much you need to save each month, it is time to start maximizing your savings to reach it.

You can do this by cutting your expenses or increasing your income by starting a new side hustle.  I recommend you start by cutting your expenses.  Because if you can keep those down, you can save even more when your income increases.

To push the easy button, make sure your savings is automated.  This means every month you set a certain amount to be taken from your account and automatically put into your savings or investment accounts.

Easy, peasy, lemon... well you know how it goes!

Cutting Your Expenses

Now, I'm one of those hardcore savers and I'd simply cut every expense that wasn't absolutely essential for life.  But you don't have to go that hard.

Instead, you may want to try cutting one thing each month.  Or simply make plans to cook more and bring your lunch instead of going out to eat.

You can keep it simple to start and then build up from there.  Just make a commitment to cut the unnecessary expenses and increase your savings each month.

Increasing Your Income

One way you can increase your income is to get a promotion at work.  Make an appointment with the boss to discuss your progress and what you could do to earn that next promotion.

Another way to increase your income would be to start a side hustle.  Side hustling is definitely a new way of life now and there are so many ways you can make extra cash on the side.

You could start a blog, an Etsy shop, join focus groups, or simply get a part-time job.

Build Up and Maintain an Emergency Fund

While you're out there saving up a storm, don't forget about your emergency fund.  Even though you may be late to saving for retirement, you don't want to ignore establishing a proper emergency fund.

It will save your life when the expected happens.  To start out, I typically recommend just having $1000 or so in your emergency fund.  

Or at the very least enough to cover your deductibles.  So if that is just $500, then I'd say that's all you need when just starting out.  

You can always and definitely should build your emergency fund over time.  But there are just a few more important steps to take care of before doing so, if you want to truly use your money wisely.

Get That 401k Match and Max Out Your Roth IRA

And one of those things is making sure you are putting enough in your 401k to get that employer match.  

If your employer offers a match for the 401k, you should definitely take advantage of it.  It is free money after all!

So whether it's a 50% match or a 1 to 1 match, figure out how much you need to put in to receive the match and do it every month. 

Then take any other extra money and max out your Roth IRA.  

Don't have one?  Well, it's high time you opened one up.  Head over to Vanguard or Schwab or your fave brokerage and start one now. 

Roth IRAs are one of the most beneficial retirement accounts out there as it allows you to grow your money tax free.  And, when you reach retirement age, withdrawals are tax free as well.

Currently, the maximum you can contribute to a Roth IRA is $6,000 a year.  So that's $500 a month.

Note: While you are still in your 30s you can be a little more risky with your investments.  Because unlike when you are in your 50s, you still have time to recover.

Portfolio Allocation By Risk Type

More Risky - The 120 Rule

• Take your age and subtract it from 120.  This is the percentage of your portfolio that should be in stocks.  The rest in bonds.

Less Risky - The 110 Rule

• Take your age and subtract it from 110.  This is the amount of your portfolio that should be in stocks while the rest you'll want to keep in bonds.

Conservative - The 100 Rule

• You guessed it.  This time we are going to subtract our age from 100.  And thats the percentage of your portfolio that should be in stocks.

Pay Off Debt Now

The one thing that can really put a dent in your saving for retirement plan is debt.  

As long as you have debt, you have a weight that is pulling you down and making it harder for you to reach your financial goals.

Once you are debt free, you can truly maximize your saving rate and speed up your retirement savings plan.  So make it a priority to take care of that debt ASAP.

There are a number of ways to pay off debt faster and you don't necessarily need a budget to do so.  But if budgeting is your thing, have at it!

There are also various debt payoff methods out there such as the Snowball Method, the Avalanche Method, and the Balanced Method.  Look into these methods.  Then choose the one that works best for you.

One Exception

There is one exception to paying off all your debt.  And that is your mortgage.  

If you are just starting out with your mortgage, you may want to consider doubling up payments in the beginning.  Because, by doing so, you will save tens of thousands in interest.

However, there are two reasons why you may not want to rush to pay it off:

1. You have already paid most of it off
2. Your money can earn more in interest elsewhere

If you have mostly paid off your mortgage, your payments are mostly going towards your principle not interest.  So making extra payments will not save you much in interest.  

Therefore, it might be better for you to use the extra cash to beef up your portfolio and allow the power of compound interest to work its magic.

Likewise, if the interest rate on your home loan is lower than the interest you could be earning in your investments, it may be better money-wise to invest instead of paying off your mortgage.

Do High Deductible Healthcare Plans & Max Out an HSA

While everyone's situation is different, in general, you are much healthier in your 30s than in your 50s.  That's why if you haven't already, you should be enrolled in a high deductible healthcare plan.  

By doing so, you can open up an HSA account which is by far the best account when it comes to planning for your retirement.  Especially, if you are starting late.

HSAs are triple tax advantaged.  You don't pay taxes on the funds you add, your money is allowed to grow tax free, and withdrawals are tax free (at any time for medical purposes).  

And once you hit retirement age, it acts just like a regular retirement account.

*A trick that some FIRE people have been doing is actually saving their receipts for these medical expenses.  Then cashing them in later when they need the money.

*Disclaimer: I am not a healthcare professional so do your own research before making such an important decision.

Start a Side Hustle

Being late to saving for retirement, means you're going to have to do a little more hustling than you would've in your 20s.  So taking on a side hustle is just what you need.

This could be as simple as getting a part-time gig to boost your savings or help pay off debt faster.  Or something fancy and creative such as starting your own Etsy shop or selling products on Amazon.

In this day and age, side hustling is the norm as most people can't make ends meet with just the income from their main job.  So what are you waiting for?  Come join the party!  Start your side hustle today!

Consider Starting Multiple Streams of Income (For the Future)

When it comes to planning for your retirement, you may want to consider having multiple streams of income.  Social Security may not be around by the time you retire, so you don't want to rely on it.

But if you start building a portfolio of passive income streams now, you can rest assured that you will have additional income available to you when you need it most.

Think of this as a safety net for your future.  So whether it's investing in dividend paying stocks or buying rental properties, you should definitely consider adding these to your portfolio.

And did I mention, owning real estate has its own slew of tax benefits.  You should definitely look into.  I know I am!

Reel in Your Spending

We kind of touched on this before, but if you have a late start to saving for retirement, you will definitely want to dial in your spending and start saving more.

Being late to the party means you will have to be a little stricter than you would have previously.  So buckle down and do an audit of your spending each and every month.

Look at where you are spending your money and decide if it is really, truly necessary.  Test things out.  Try cutting back on coffee or eating out and see how much money you save.

Make it a game and see if you can save more than you did before.  I warn you, it is fun and can become addictive.  Winning always is.

Get Adequate Insurance

Now if you're cheap like me, you may be wondering what is the point in paying for car insurance etc. when you rarely ever use it.

Well, mostly, it's for peace of mind.  And the off chance that ish hits the fan and you actually need it.  Because, trust me, It's in those times that you will be grateful to have had it.

So don't skimp on getting all the insurance you need.  But also be sure to not get more insurance than is necessary for adequate coverage.  

For instance, if you are already driving an old beat up car, you may just want to stick to liability insurance.  Because if you car is totaled in an accident, you may just want to buy a new one.

Get Life Insurance (if you have dependents)

If you have children or anyone who is dependent on you and your income, you need to get life insurance.  

There's a big debate over which kind of life insurance is best: Term Life Insurance or Whole Life Insurance.

But I'd say, unless you are making stacks of money each and every month, whole life insurance probably won't benefit you very much.  It is mostly for those with who are proper rich.

And really, you just want to make sure your loved ones are taken care of should anything happen to you.  So keep it simple.  Get the life insurance that is best for you and have peace of mind.

Extra Cash? - Throw it into your 401k OR Start a Brokerage Account

Throughout all this keep an eye out for any extra cash you come across.  If you do, you'll want to put that into your 401k or brokerage accounts.

Not all 401ks are created equal and if the one your company offers has a lot of high fees, then you don't want to put more than you need to to get the match.

Instead, you could start a brokerage account and put the money there. The downside to brokerage accounts though is that they are taxable.  

But they would offer you an alternative stream of income now and in the future, as you can use the dividends as income and not have to touch your 401k.

The DO's and DONT's

DO

• Consider Your Health and Stay Healthy!  
• Pay Yourself First  - Save and invest first, pay bills second
• Plan Major Events Ahead of Time (Weddings, Children, etc.)
• Get a Financial Education (It's never too late!)

DON'T

• Take Unnecessary Risks
• Overwork / Panic - You still have time (even if you want to FIRE)

How to Save For Retirement in Your 40s

If you are late to retirement savings and are in your 40s, never fear you also still have time.  As a late starter, you should pretty much be doing every thing that was mentioned above for people in their 30s.

The main difference is that you'll just have to be a bit more serious and aggressive in your saving.  But in addition to that, here's what else you should do.

Make Plans For Your Retirement

I figured this deserved repeating but here's what you really need to take some time to figure out.

• When you plan to retire
• How much money you want to live on
• How much you need to save per month to achieve that goal

See above for the details.

Be More Conservative in Your Investments

When you are in your 20s and 30s, you have more time to make mistakes and lose money.  But, when the 40s start rolling around, you can't afford to make big mistakes, as this could really derail your retirement plans.

Therefore, you should be more conservative in your investments.  What this means is that instead of investing heavily in stocks, you should try to balance your portfolio with a bit more bonds.

Use the 110 or the 100 rule when investing.  To do this, you would subtract your age from 110.  The resulting number is the percentage of your portfolio that should be in stocks.  And the rest should be in bonds.

So if you are 40 years old, you will want to have a portfolio of 70% stocks (110 - 40) and 30% bonds.  And if you're 45, make that 65% stocks and 35% bonds.

Adopt a More Aggressive Savings Plan

Because you are a wee bit late to saving for retirement you're going to want to ramp up your savings.  Saving the oft suggested 15/20% is definitely not going to cut it.  

To start, take a good long, hard look at your expenses and start cutting them drastically.  Maybe eat out only once a week.  Better yet, once a month.  

Skip the happy hours with your coworkers.  Cut your subscriptions down to one (sorry Hulu something's got to go).  Put a pause on vacation plans.

Maybe you should start couponing or taking advantage of cash back offers to reduce your grocery budget.

Were I you, I'd probably start with what is costing me the most and cut that out completely.  

You could even find ways to save on rent.  Downsize or, if you're up for it, get a roommate.  Or find a way you can make extra money to cover said rent.  

Which leads me to my next point.

Side Hustling is Key

This late in the game you are definitely going to need a side hustle or two, maybe 3.  Especially if you still have student loans and credit card debt looming over you.

Take on a part-time gig, start doing surveys or focus groups, run errands for others.  The point is, it's time to get creative and start earning some extra moolah. 

Then use that extra cash to boost your savings and pay off any remaining debt.  The only exception being your mortgage if you've already paid most of it off.

Max Your 401k for a Boost in Savings

Now, I'm not a huge fan of 401ks after getting your match but at this stage you may want to consider maxing out your 401k.  

One, because it will save you in taxes now.  And two, because the more money you have in your retirement account now, the longer time it has to compound and grow.  

This will also force you to pay yourself first and help you cut down on your spending, as this money will be taken out from your check directly.

So talk to HR and see about maxing out that 401k.  The maximum amount you can contribute in 2020 is $19,500.

Consider Pausing the Children's Education Fund

We all want to support our children and ensure that they don't struggle the way we did or get into debt in trying to get an education.  But, at this point, you need to start focusing on you.

In this day and age, there are plenty of grants, scholarships, loans, and other kinds of funding available.  So as far as education and their future is concerned, your children have options.  A lot of options.  

And you?  You don't.  So it's high time you start focusing on yourself and your retirement.  The kids can fend for themselves.

Besides, what you don't want is to become a burden on your kids in your old age.  That is the exact opposite of what you want.  So make the choice now to prioritize yourself.

You can always come back and start saving again for them once you've reached your financial goals.

How to Save For Retirement When You're Over 50

If you have a late start to saving for retirement and you are over 50, realize that you are not alone.  There are plenty of other people in the same boat as you.

There's still time to save so don't worry.  But it is going to take serious dedication and commitment to achieve your retirement goals. 

Let's take a look at some strategies you can start implementing below.

Planning for Your Retirement

As always, you cannot properly plan unless you know where you are going.  So you will definitely want to sit down with your spouse, financial advisor, or just take some time with yourself and figure out your plans for retirement.

How much do you want to live on?  What will your expenses be in retirement? Would you consider retiring abroad?

These are just some questions you need to ask yourself.  Once you are clear on the specifics, then you'll want to calculate how much money you need to save each month to reach your retirement goals.

Realize, though, that you are planning for your ideal situation.  However, at this late in the game, your plans may change.  You may not be able to have the retirement you've always dreamed of and must find a way to be okay with that.

You can only save so much.  So you will need to be flexible and adjust to the reality of your situation.

Maximize Your Savings

If you are over 50, with not much saved for retirement you are going to have to buckled down and turbo charge your savings.  

You have two ways to do this: Earn more money or cut your expenses.  To earn more, see about getting a promotion at work.  Or look into getting a part-time job or starting a side hustle in the area of your expertise.

If you've been in marketing for the last 30 years, why not use your insider knowledge to start a consulting or coaching business?  Or you start a simple side hustle such as completing surveys online.

As for your expenses, you need to cut everything that is not a bill that you must pay or is necessary to live such as groceries.  Just for now.  Because you need to be focused on meeting your savings goals.

I will say though maybe just keep one thing.  One extra that makes you happy and brings you the most joy.  But make it something that doesn't cost much.

Once you establish a good rhythm and have your savings where you need them to be, then you can start adding back in the things that aren't really necessary.

You may want to consider doing a little of both cutting your expenses and increasing your income.  That way you can double or triple your savings rate in no time.

Max Your Roth IRA and 401k

So with all that extra savings you've been accumulating, you will want to use it and start maxing out your Roth IRA.  

Roth IRA

With a Roth IRA, your earnings are allowed to grow tax free.  Plus, when it comes time to make withdrawals, that will be tax-free as well.  

This will definitely come in handy during retirement when you need that extra cash but can't afford to pay taxes on it.

As of 2020, if you are over the age of 50, the maximum amount you can contribute to your Roth is $7,000 per year.  You get an extra $1000 so take advantage of it.  

401k

In addition to maxing out your Roth, you will also need to start maxing out your 401k. 

As a retirement account, 401ks are great because they save you on taxes now.  Your money is allowed to grow tax-free and you don't pay taxes on them until you take your money out. 

The maximum that you can contribute to your 401k is $26,000 for people over 50.  

This is the fastest way to start bolstering your retirement savings as your investments will compound and grow year in and year out.

Just think.  If you max out your 401k every year for the next 10 years, you will have $260k in your account and when you factor in your earnings from interest, your total is over $340k.

That's almost $100k in interest alone!  Ah, the beauty of compound interest!

So don't delay.  Start maxing out your 401k today.

Pay Off Debt

If this has not been done before, you'll definitely want to take care of this now!  Put all the expense cutting and increased income to good use and pay off your debt.

Debt will weigh you and your savings down.  So get rid of all your debt as fast as you can.

The one exception being your mortgage.  If you have already mostly paid off your mortgage, then you can delay paying this off in favor or maxing out your investment options.

This is because most of your mortgage payments will be going to principle and not interest.  So your dollars can be best used elsewhere. Like in your retirement account, growing exponentially with compound interest.

Consider Opening a Separate Brokerage Account

For any extra money you've got, you may want to consider opening up a separate brokerage account.  This won't be tax advantaged but it will give you more options in retirement.

Like many, you could use the dividends you receive from your brokerage accounts to cover some of your financial needs in retirement.  That way, you won't have to pull as much money out of your tax advantaged Roth and 401k accounts.

So your money can continue to compound and grow well into your retirement.  This can help extend your money supply and ensure that you don't run out of money during retirement.

Think About Downsizing

Now that the kids have left the nest, do you really need that 4 bedroom house with a sprawling backyard?

Chances are you don't.  So why not consider moving into a smaller house or a condo?  

By doing so, you could cut your expenses in half or more.   Which in turn will help you save more and provide a significant boost to your life in retirement.

And chances are you won't even miss all that extra space.  After all, without the people to fill it, big spaces can be quite lonely.  Besides, hunting for a new place is fun.

And this time around you can pick something especially for you and not for your kids.

Consider Streams of Income Possibilities

In retirement you don't want to be limited to just one source of income. For instance, Social Security, which, at this point may not even be around when you retire.

As a safety net, you should have multiple sources of income.  These can simply be different retirement accounts such as your 401k or Roth IRA.  And it could also include your brokerage account.

But there are other sources of income you may want to consider as well.

Such as that consulting business you started to bring in some extra money.  Or how about writing a book?  Setting up a drop-shipping business.  Or you may want to invest in real estate.

Instead of selling your house when you downsize, why not rent it out? This could be an excellent source of income in your retirement years.  

And best of all, there are tax advantages to owning real estate which could save you on the amount of taxes you will have to pay on the money you earn.

Think About Working Longer

Yeah I know.  Not the best option out there.  But if you're in a pinch and really don't have much saved for retirement, you'll definitely want to look into working just a bit longer.

Working just a few more years will not only give you a few extra years to contribute to your retirement accounts and boost your savings, but it will also increase your Social Security benefits.

Not to mention, it would be better for your health by giving you a creative outlet for your mind as well as something to do and some form of exercise each and every day.

Don't Pull on Social Security Until 70

You may not want to count on getting Social Security in the first place but if it is still around in the coming years, you should consider delaying your benefits until you're 70.

Every year you delay getting Social Security, your benefits increase by 8%.  So by waiting until you are 70 to start getting them, you can substantially increase your payouts.

But, according to CNBC, if you can't wait that long, the next best thing is to start claiming them at 69.  This of course depends on your marital statues and your income.

Make Sure You are Properly Insured

Nothing can kill your savings more and put you into some serious debt, than not being properly insured.  

So if there's one thing you do today, it should be to make sure you are adequately covered in terms of health insurance, home owner's or renter's insurance, and car insurance at the least.

Yes, you may hate making the payments into something you rarely use, but it is definitely worth it when the time comes and you actually need it.

And besides, it is good for your peace of mind.  It will give you one less thing to worry about.  Which you need.  As the most important thing you need to focus on now is saving for retirement.

Get Long-Term Care Insurance

Speaking of insurance, it is absolutely vital as you start to age to think about getting Long-Term Care insurance.  Dave Ramsey even suggest that everyone should get it when they turn 60.

But you may want to look into getting it before then.  

Should the undesirable happen and you need long term assistance, the costs can be enormous.  Long term care can cost upwards of $50,000 a year (and maybe more).  $50,000?!  That just might be your entire budget in retirement.

So not having long-term care insurance and needing it later on, will put a real dent in your retirement savings and plans.  It's best to prepare in advance.  

Start looking around for the best insurance.  The average cost for long-term care insurance for a couple is just $283 a month.  Not bad for peace of mind and protection for your financial future.

Choosing the Best Long-Term Care Insurance

1. Built-in inflation protection of 5% a year compounded
2. Daily benefit should cover nursing homes in your area
3. Terms for canceling coverage or raising annual premiums should be fair
4. Should cover skilled and non-skilled care
5. No exclusions of particular illnesses
6. Benefit triggers should specify when coverage begins
7. Payment period should be at least 3 - 5 years but lifetime is best
8. Policy is tax qualified

Outlook Not Good? Consider Moving Abroad

If you find yourself really in a bind and just not able to save as much as you will need to retire, you may want to consider moving abroad.

Lots and lots of retirees have been moving abroad to retire in the recent years.  And that is because you can live the lifestyle you've grown accustomed to (or an even better one) abroad for much less money.

Moving abroad opens up a world of opportunity to you.  There are so many wonderful places out there for you to choose from.  And moving abroad will give you a chance to experience and explore a new culture.

It will make retirement exciting and a time where you can truly grow by learning new things and having novel experiences.

So should you need to go abroad for financial reasons, don't think of it as being forced into an undesirable exile.  Instead, see it for the opportunity it is.  The opportunity to start life anew.

Be Willing to Make Adjustments

In starting late saving for retirement, you may not be able to do much about how much you can save before you retire.

Because of this, you really need to be flexible and understanding of your situation.  It is what it is.  

The sooner you can accept that and move on, the sooner you can get back to enjoying a worry-free life.

Acceptance of your situation allows you to be more open and helps you find creative solutions to your problem.  

Can't afford your home?  Downsize.  Won't have enough money to retire in your country?  Retire abroad.

There are many options out there.  Don't feel like you have to do things the traditional way.  And don't be afraid to explore.

The DO's and DON'Ts

DO

• Keep in mind your draw down plan - You don't want to overspend and not have enough in the long run.
• Plan your retirement based on how much money you will have - You may want to live like a princess but unless you have princess money, I'm afraid thats a no-go. 
• Figure out how you will leave your money to your children - Look into trusts and gifting.  You also may want to consider converting your retirement accounts into Roth accounts for an easier tax-free transition.

DON'T

• Be risky in your investments - Trying to make up for lost time by risking your money is a bad idea.  It could result in you losing all that money you've worked so hard to save.
• Worry about saving for your children - It is much much too late for that.  Your children can always find other ways to finance their education and their future.  Whereas you cannot.

- Besides you don't want to put extra pressure on them by        becoming a burden.  So take care of yourself first.

All in All

No matter where you are in life, it's never too late to start saving for retirement.  The point is simply to start.

Start saving.  Start Investing.  Start Side Hustling.

There are many ways you can make up for lost time.  Where there's a will, there's a way.  You just have to commit to making it happen.

Use what we talked about here as a guideline to reaching your future retirement goals.  Of course, you may want to consider talking to a financial advisor to really help nail down a plan of action.

As always, good luck!