retirementDuring my day job, I meet many clients to look at their personal finances. More precisely, my mandate is to create financial plans and help clients with more than $250,000 invested with the bank. So, most of them are in their 50s. Unfortunately, I come across a lot of people who don’t have a financial plan and have never discussed retirement planning. At one point, it’s like they feel that it’s too late or they are too ashamed to talk about retirement planning. Like most things we don’t like to do, we all hope that time combined with magic and prayer will take care of our retirement planning .

So if you don’t have a plan at 55, is it too late for retirement planning?

The quick answer is no (especially since you might not even retire at 65 but perhaps closer to 70 or 75 ). However, some things may need to change if you want to have a comfortable retirement:

Look at reality

The very first thing is to look at your net worth, your budget and how much you are saving in your retirement account right now. Like an alcoholic, you need to acknowledge that you have a problem before starting to solve it .

Once you have your statements in order, make an appointment with a financial advisor that is able to create a retirement plan. He will key your information into his software and be able to tell you about how much you have to spend annually during your retirement years. Warning; this will be a reality check!  Read More…


  1. I just turned 32 and although my job doesn’t have much of a retirement plan i am starting to research online to do it on my own. I have a baby daughter and i think it might be time to start planning for my elder years.

  2. Sure there is the embarassment of having to walk into a bank and tal about retirement when you are in your later years but seeing as how the longer you wait the worse it gets i see no problem doing so now, now now! It’s like holding off going to a dentist because you hate the needles….if you don’t you can lose your tooth.

  3. I know a janitor at school who is working at a ripe ole age of 71 and you can just tell he is working because he has to not because he wants to. My parents use him as a reminder to save.

  4. Thank goodness i have another 30 years to worry about such a thing. But wait, i guess i should start now…nah, maybe tomorrow. 🙂

  5. Yea but the problem is most people have a problem of not touching those savings. Hand in the cookie jar is an addiction.

  6. Plan and save early. Can’t get simpler than that.

  7. Sadly, your lottery comment is not too far off with most peoples thinking. Most people think if they play the lottery they will hit it big and their worries about retirement will be over. Sadly the odds of winning the lottery is much lower than getting hit by lightening twice. But still they pray and hope. (hand to face)

  8. My retirement is all-in for winning the Lottery. Baby needs new shoes!

  9. I started my retirement fund back when i was 19. I am 49 now but haven’t forgotten about keeping this going. I guess it stems from fear of having nothing when i get too old to not work.

  10. Turned 55 last week. Just another day.

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