Is It Too Late To Start Saving For Retirement In Your 50s? These Gen Xers Say No.

We recently brought you a report outlining the fact that many folks in their 50s find themselves far short of the amount experts say they should’ve already saved for retirement. But that doesn’t mean these older Gen Xers are destined for destitution in their old age.

There’s an entirely new class of financial late bloomers who are figuring out what it takes to secure a comfortable (or even early) retirement. And they’re sharing what they’ve learned with the rest of us.

Better late than never

A trio of individuals who didn’t start investing in their retirement until at least their 40s recently recapped the steps they’ve taken to shore up as much cash as possible ahead of the retirement. Their strategies can broadly be summed up in three tips.

• Do your research: Trudging through the legalese and buzzwords can be confusing, but the internet is chock full of reliable resources capable of making complex financial concepts more accessible to the average consumer.
• Develop a plan: It might not be comfortable, but tightening the budget, getting another job, or downsizing your home are some of the ways you might be able to achieve the financial independence you desire.
• Seek out support: All three of the late starters who shared their perspective acknowledged feeling overlooked by typical financial advisers, but found a sense of community after meeting others in similar situations.

For Gina Murillo, who went from $40,000 in debt to a net worth of more than $1 million in just seven years, it was all a matter of setting a goal and making a commitment to reach it.

“I realized that if these people could achieve [financial independence] in less than 10 years during their 20s and 30s, there was no reason I couldn’t do the same in my 50s.”

Chris Agee July 2nd, 2024

Share this story: