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While catching up gets harder over time, experts say it’s not impossible to save for the retirement you want starting in your 40sPlanning for retirement can feel like solving a complex puzzle, with each piece representing a decision that could impact your future. But here’s the good news: It’s never too late to take control. In this series, we aim to simplify the process, providing actionable insights to help you confidently manage your financial future.
Hallam, who turned his self-taught expertise into a career as a personal finance expert and author, says that even at that age, there’s still plenty of time to build a strong portfolio.“Catch-up is harder because of how money compounds over time, but someone can end up doing really well even if they don’t start until they’re 40,” he says.
Making that connection can boost your motivation to look out for “future you” and ensure that whatever you envision – weekly manicures, five-star vacations, a fun but impractical car – for your golden years, will be a possibility.Once you’ve established a vision for the future, the next step is to assess your present financial situation, says Leong.
He also notes that when it comes to saving and investing, no amount is too small to start, so don’t be put off if you’re not in a position to set aside a lot of money. “If you have $50 a month, that’s $50 a month – if you’re not investing it, that’s less money that can compound for you.”One of the easiest is setting up automatic monthly transfers from your main bank account into an account that you don’t touch – you’ll be saving without even thinking about it.
The other common tendency that can get people in trouble, says Hallam, is investing too much in particular funds, stocks or asset classes that have done well recently in a bid to gain ground. “You’ll see magazine articles and headlines that say you need $1-million or $2-million to retire, and that’s just lazy reporting,” says Hallam. “It’s misleading because it’s so relative to what you want out of life and whether you get pensionable income from somewhere or, say, have a part-time job.”
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