Retirement Planning: 3 Strategies for Late Starters


There’s no denying that planning for your retirement can be a stressful experience, especially for those who feel that they’re behind. But don’t worry if you’re starting late—you aren’t alone, and it isn’t impossible to get to where you need to be. All it takes is hard work, the discipline to save, and some help to guide you on making the most out of your accounts and available programs that will enable you to catch up. With that said, here are a few strategies for late starters on retirement planning. 

1. Hire a professional financial advisor

When it comes to getting a retirement portfolio in the right direction, professional financial advisors can help. Their knowledge and experience can allow you to formulate the best plan for reaching your objectives, especially for late starters. From understanding social security options and your retirement taxes to modelling realistic spending goals and giving you a good idea of healthcare costs, their services can be an invaluable asset. But be sure to choose credible experts close to you, like a financial advisor in Bristol if you reside in the area. It’ll make things more convenient and they’ll be attuned to the particulars of that area.

2. Determine what you’ll need to retire 

When planning your retirement, it makes sense to begin with the amount you’ll likely require to get the standards of living you want. This will not be the same for everyone, and taking the time to do so will help you map out a road to reaching your objective. For example, perhaps you’re looking to travel around the world. Or maybe you want to spend on big-ticket items you couldn’t afford before. These goals will ultimately determine what you need to do to achieve them.

Once you have an estimate of what you’ll need, be sure to consider the 4% rule, which refers to the addition of your total portfolio and withdrawal of 4% in your first retirement year. You then make adjustments based on inflation for thirty years.  

3. Eliminate any existing debt quickly

Debts like mortgages, car and student loans, and many others can quickly drain your financial resources, making it even more challenging to save up for your eventual retirement than it already is. Therefore, it makes sense to try and eliminate any outstanding payments you have to make quickly so you can put the money into your portfolio for retirement instead. 

One method you can use is referred to as the snowball strategy. As its name implies, it’s about taking care of all smaller debts first, which will help you gain momentum to pay for more substantial ones. So try starting with your smallest debts and work your way up. It can make things much more manageable.


Retirement planning may sound simple, but the process can be as complicated as it is difficult. This is especially true for those who begin late. However, with these strategies, you’ll be able to get yourself to where you want to be, no matter how far away you are from your goals.

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