Late start - advice for a tardy boomer

By Byron Moore, posted July 25th, 2014

Question: I am 51 years old and very, very late getting started planning my retirement. Is it too late for someone like me to start? If not, what do I need to do?

Answer:  Your situation involves time, motivation and expectation.

With respect to time, you're late. It's obvious you are aware of this, but you've got to get moving now. No more delays for any reason.

Don't look for the financial world to rescue you from your situation - it would be a mistake to try to find some magic investment that will return you unrealistic amounts of money to make up for lost time. Instead, focus on a plan that does the following:

Take care of yourself financially. Charles Kettering said that a problem well defined is a problem half solved.

That's why your first move has to be writing down everything you spend. You've got to know not only how much you spend, but where you spend it.

Then, you need to save, save, save. I recommend you save 20% of your gross income. "But that will be haaaaard..." Yes it will. But not nearly as hard as having zero percent of your current income when you retire (voluntarily or not) and all the same expenses.

"Won't that mean a lot of changes in my lifestyle?" Yes, now you're getting the picture. If you keep doing what you're doing, you'll keep getting what you're getting.

Take care of yourself physically. You will likely need to work beyond age 65, perhaps into your 70s. My own father took pretty good care of himself, but a heart attack at age 69 got his attention. Today, my 86 year old father will take a 45 minute brisk walk before breakfast and at least three times this week he'll work out with a personal trainer. He's a champ and you need to follow that example if you're going to have the energy necessary to keep working beyond 65.

Take care of yourself emotionally. Either figure out how to love your work, or find work you can love. You won't do well working through your sixties and into your seventies at work you hate. Or even just tolerate. Better to start looking now for work you find interesting and fulfilling.

Take care of yourself spiritually. Life is about more than work and money. It's also about purpose. If you can see the higher purpose in your work, even the tough aspects of it take on a different meaning.

And this life doesn't last forever. I find that people that have addressed the spiritual side of these questions generally lead more fulfilled, hope-filled lives. And if you're going to be around, working for several more years, why not be full and hopeful, rather than empty and depressed?

Yes, you're late. But you're not done.

Today would be a great day to start making the most out of your life financially, physically, emotionally and spiritually.

Byron R. Moore, CFP® is Managing Director / Planning Group of Argent Advisors, Inc. Email him at bmoore@argentmoney.com. Write to him at 500 East Reynolds Drive, Ruston, LA 71270 or call him at (318) 251-5858. The opinions of any single advisor do not necessarily reflect the opinions of Argent Advisors, Inc.  No forecasts can be guaranteed.  Argent Advisors, Inc. does not offer tax, insurance or legal advice.  The information contained in this column should not be construed as a substitute for personalized investment, tax, insurance or legal advice.