My husband and I are approaching the age of 50 and only have a few thousand dollars saved. Imagine what retirement could be like if you procrastinate your planning efforts until it really is too late. Unfortunately, far too many people are living their retirement without having planned and find themselves in financial difficulty or financial uncertainty. I believe that not knowing about our financial picture, presently or in the future, causes us far greater stress than knowing what an examination of our financial circumstances would actually reveal.
Procrastination only shortens the time available to plan for retirement and invest accordingly.
I recommend that you first find a financial planner who is not only qualified, but is a person with whom you feel comfortable working. Your planner will help you determine your specific financial goals, such as when you want to retire and how much income you will need at that time. He or she will also examine your current financial position and project your financial future to determine what adjustments, if any, need to be made to help you achieve financial security at retirement. Start assessing your situation with ThirdAge's Retirement Calculator and Retirement Troubleshooter . Email Jeff your questions about personal finance and retirement planning.