The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Retirement planning alone can seem like a daunting task, but it can be especially difficult for those who are behind. There are many resources available to you even if you’re aged 40 or over — one of which being a financial advisor. Financial advisors are a great resource because they can show you opportunities you otherwise wouldn’t know about. They can also help you create a solid plan for saving and investing.
Some of the more obvious retirement planning strategies for late starters are to start saving more money, increase the amount you’re earning, and — as mentioned before — consult with a financial advisor. However, there are lesser-known strategies that will help you take control of your finances so you can get on track to have a comfortable and enjoyable retirement.
A few of the less obvious ways to get on track with your retirement savings are to decide at what point you’ll claim social security benefits, how you can take advantage of government-sponsored programs, consider working past “normal” retirement age, and determine how purchasing an annuity at some point will help your savings last longer.
If you’d like to read more about these expert-backed retirement strategies, look through the visual below.