Retirement Saving in your 40's

If you're in your 40’s and don't have anything set aside for retirement, it's not too late. There are still plenty of things that you can do to insure that you will be able to retire someday. It may be a different and more aggressive approach but it can still get you there.

You need to first find out how much you need. Some experts suggest that you will need 80% annually of what you are currently making. There are other things that you will want to consider. Will you still be making a house payment when you retire, or maybe you are planning to downsize your living conditions? It is a good goal to try and have your house paid off by the time that you retire.

For most people it is what most of their monthly income is committed to, so without that payment you will have more to live off of. If you are not going to have your house paid off you may consider moving into a smaller home or even an apartment that is more affordable.

Find out where you stand already. You will want to get a hold of your Social Security statement. You receive a statement each year. You can also request one by going to the Social Security Office's website. This statement will provide you with a good estimate of what you can expect when you choose to retire.

You will now want to take your first estimate of how much you will need and subtract how much you can expect from Social Security. The number you get will be your goal for what you need to save when you retire.

Make sure you take advantage of any company sponsored 401(k) plans, especially if they offer matching contributions. Even if they don't match 100% every little bit is a considerable help.

Look into any pension plans that you are currently on or can expect from a previous job. It may not be a lot but it can help you with your figures.

You may want to take into consideration what you plan to do for your retirement. Obviously if there are certain activities you want to do, it will require more money. Some folks like to travel the country while others are content spending it on the porch or taking up a hobby.

There are others who may never fully retire and partake in some type of part-time job that they enjoy after their retirement. This will allow you to adjust for that anticipated money.

However, your plans to work after retirement may change due to unforeseen circumstances beyond your control. Besides, if you plan accordingly and then decide that you want to get a job that will just be extra money for you.

It's ok if you started late and there is no reason to panic. It is important to come up with a good plan and dedicate more time to fulfill it. It may be a good idea to speak with a professional that can get you on a program that will help you boost your savings by using a more aggressive approach.

Pioneer Credit Counseling is a bonded, non-profit credit counseling agency offering debt management programs, financial counseling, bankruptcy counseling and housing counseling nationwide. Call our friendly counselors today at 800-888-1596 or visit

Our accredited credit counselors will help you take control of your financial life and get out of debt faster than you can on your own. We offer a debt management program that will stop the collections calls, lower your monthly payment and provide you peace of mind. Our pre and post bankruptcy counselors provide an easy process for you so you can focus on rebuilding your financial being.

It is our policy at Pioneer Credit Counseling not only to help people get out of debt, but also educate in sound budgeting practices.

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