You're certainly not alone. According to one internet site, 39% of those age 55 have only $25,000 saved for retirement.

Rethink expectations - Stuff happens and sometimes priorities change. Right now as you look down the tunnel of your life I hope you are able to get the vision for a modest retirement. Not one of poverty, but one of modest means.

Postpone retirement- you can significantly increase your social security payout by waiting until age 70 instead of taking money out at age 62. Over your expected lifetime you will still receive the same - and possibly more- by waiting on social security. Postponing also gives you more time to WORK, paying off debt and

Save! - Instead of saving 5% for retirement get deadly serious and start saving 15%, 20% or an even larger amount of your income towards your future. (If you plan on increasing your savings in a retirement account, you may have contribution limits. You may want to talk to your trusted tax or financial professional regarding increasing those percentages.) You 'can't afford' to save? What are you going to do when you have to live on a possibly much smaller monthly income? Get serious.

Invest wisely- take advantage of any match if a 401k is available at work that provides 'free money' if you contribute. Free money is an amount of money and employer is willing to add to your plan if you put in a certain percentage. In addition watch closely your investment options. Make good decisions for your risk and keep careful track of the market. Don't be lazy with old accounts from former employers. Roll those monies to an account with a financial advisor or into your own care and track that money.

It's not ideal but it's not too late to have a pretty good retirement if you act now.


Citations:

My retirement blog - savings figures
http://www.myretirementblog.com/average-retirement-savings-by-age.html


How much to save now- Pullman



Motly fool
http://www.fool.com/retirement/general/2009/10/06/oops-i-forgot-to-save-for-retirement.aspx

Marion R. Syversen, MBA - President
NorumbegaFinancial
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Marion@NorumbegaFinancial.com
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