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For starters, youre not alone.
So youve got some company, for better or worse.
Pam Krueger, founder ofWealthrampand co-host of MoneyTrack on PBS, noted another potential bright side.
But my God, youre only 40.
Youve got 45 years to invest.
But you cant screw around here.
Here are nineways to get things rolling.
Start Saving Right Away
Begin saving immediately, even if its a small amount.
you might even start small and increase your savings gradually.
Heisler said hes a bit reluctant to throw out a suggested percentage you should be saving.
Every situation is different, after all.
you could prioritize a high percentage of savings if your cash flow allows for it, Heisler said.
There is some making up to do.
You have to save more than the average person to get to the same place.
To make things easier, set up automatic transfers from your paycheck or bank account.
Focus On Financial Fundamentals
Even if youre starting late, many of the basic fundamentals still apply.
Its not all that different than other times in life, Heisler said.
This is the day to adopt a strategy, Krueger said.
Dont run and hide.
She added that financial priorities need to be set, and that not all of them will be painless.
For example, saving for your childrens education may need to take a hit.
Prioritize yourself over your kids, Krueger explained.
Yes, I said it.
Theresno financial aidfor you, later.
This is basically free money, so dont miss out if your cash flow can take it.
Other possible employee benefits include tax-advantaged health savings accounts.
Some companies will hook you up with vetted, fee-only financial advisors.
Take the time to understand all available options.
This approach helps reduce the impact ofmarket volatility and timing risks.
Youve got to ask for it, Krueger said.
But you have to ask.
Consider a Side Hustle
A part-time gig may help you make up for lost time.
If you might direct all or most of the proceeds into your retirement savings, all the better.
Especially if youre starting late, the bar for dipping into savings should be very high.
You cant go in and then drop out, Krueger said.
Stay in and stay consistent.
Get Help
A trusted friend with financial know-how or atrained financial procan be a great asset.
They can help you stay accountable and provide a positive nudge when needed.
They also may be able to help you get over that hump and finally get rolling.
Its never too late to start, Heisler said.
Every dollar you allocate to your future is worth it.
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