While it is certainly ideal to start saving for retirement early on, you can still save a substantial amount even if you start later in life.
Many Americans do not have any retirement savings — a full one-third, according to Bankrate.com — but that doesn’t mean that they (or you) can’t catch up. Here are some suggestions on what to do, from USA Today:
- Pay down your debt
- Take advantage of an IRA and 401(k)
- Reduce and avoid extra investing fees
- Wait to retire and work longer
- Don’t make unnecessary risks and shortcuts
Read all about USAToday.com’s five points in detail: “5 simple ways to catch up on your retirement savings“.