{"id":1389,"date":"2022-01-24T06:00:26","date_gmt":"2022-01-24T13:00:26","guid":{"rendered":"https:\/\/humanitywealth.com\/?p=834"},"modified":"2022-07-14T17:26:33","modified_gmt":"2022-07-14T17:26:33","slug":"10-tips-for-financial-planning-for-late-bloomers","status":"publish","type":"post","link":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/","title":{"rendered":"10 Tips For Financial Planning For Late Bloomers"},"content":{"rendered":"

If you’re in your 50s, is it too late to start saving for retirement? At this point, should you plan on working until you physically can\u2019t any longer because you\u2019ve dashed any dreams of living out your golden years?<\/span><\/p>\n

If you\u2019re just getting started, take comfort in knowing you\u2019re not alone. According to the Employee Benefit Research Institute (EBRI), just 58% of Americans 55 years and older have $100,000 saved towards retirement, while less than 20% have saved $250,000.<\/span><\/p>\n

Though it\u2019s easier the earlier you start, so-called \u201clate bloomers\u201d can still pursue their dream retirement, provided you have enough motivation and a comprehensive plan.<\/span><\/p>\n

In fact, because of the immediateness of your pending retirement, your focus and determination to aggressively save may push you well beyond the net worth of your peers who started accumulating years ago.<\/span><\/p>\n

As a retirement planner in Newark, California<\/a><\/strong>, here are my top 10 tips for financial planning for late bloomers.<\/span><\/p>\n

 <\/p>\n

What is Financial Planning?<\/b><\/h2>\n

Before we jump into the tips and strategies, let\u2019s make sure we\u2019re clear on what I mean by financial planning.<\/span><\/p>\n

Financial planning<\/a><\/strong> is the process of 1) Accessing your entire financial picture and 2) Determining where you want to go, leading up to and through retirement.\u00a0<\/span><\/p>\n

Step 1 includes looking at everything that is going on in the current moment: Income, expenses, assets, liabilities, retirement contributions, and savings\/spending goals.\u00a0<\/span><\/p>\n

In step 2, you establish your dream retirement: What will you be doing? Where do you live? How often do you travel? Do you want to pay for a grandchild\u2019s tuition? How long do you want to work?<\/span><\/p>\n

Then, your financial plan is developed by starting with your end goals (step 2), considering your starting position (step 1), then reverse-engineering a plan to make the two connect. This can be done in various ways, utilizing strategies based on your situation, dreams, risk tolerance, and more.<\/span><\/p>\n

 <\/p>\n

Find out how Humanity can help you pursue your financial goals!<\/em><\/strong><\/a><\/h2>\n

 <\/p>\n

Are You a \u201cLate Bloomer\u201d?<\/b><\/h2>\n

In an ideal world, you would have begun accumulating retirement savings as soon as you entered the workforce, around the age of 25. This way, compound interest can have as much time as possible to work its magic.<\/span><\/p>\n

For me, anyone aged 40 and over just beginning the process of retirement planning is a late bloomer.<\/span><\/p>\n

As I mentioned above, don\u2019t stress if you\u2019re well beyond this age. Yes, you\u2019ll have to work much harder than your younger counterparts, but you can potentially reach all of your retirement goals.<\/span><\/p>\n

 <\/p>\n

The 10 Tips:<\/i><\/b><\/h2>\n

These tips are split into two chronological categories: 1) Pre-Retirement Years and 2) Retirement Years. Make sure to read both sections, so you will know every strategy you have available to you as you travel from where you are now to where you want to be.<\/span><\/p>\n

In both categories, it\u2019s a matter of cash flow: You need to save and contribute more now or cut down on expenses in retirement.<\/span><\/p>\n

 <\/p>\n

Pre-Retirement Years<\/b><\/h3>\n

1. Decide how much you will need for retirement<\/b><\/b><\/h4>\n

What will it cost you to live your retirement dreams? How much income does your portfolio need to generate to fund your lifestyle? The answer to these questions will help determine the total portfolio value you will need to retire well.<\/span><\/b><\/p>\n

2. Maximize your contributions to retirement accounts<\/b><\/b><\/h4>\n

401(k)s, 403(b)s, IRAs, HSAs, TSPs – they are the IRS\u2019 gifts to humankind.<\/span><\/p>\n

Any account with a set contribution limit should be utilized. For late bloomers, especially those aged 50 and older, these accounts have \u201ccatch-up contributions,\u201d which allow them to make additional contributions to their tax-advantaged retirement accounts. Use them!<\/span><\/p>\n

Maximizing your retirement account contributions may be the single most effective tool for making up for the lost time. Any extra money you have can be funneled towards these accounts.<\/span><\/b><\/p>\n

3. Relocate\/Downsize<\/b><\/b><\/h4>\n

If you live in a big city – where things are generally more expensive – can you move to somewhere where the cost of living is lower? Or do you need to live in the city for work?<\/span><\/p>\n

Similarly, is your house the right size for your lifestyle? Or is it unnecessarily large?<\/span><\/p>\n

Housing is one of the most expensive items we spend money on, if not the most. Saving yourself a few hundred bucks per month from moving or downsizing can go a long way towards making extra contributions.<\/span><\/p>\n

4. Consider working longer<\/b><\/b><\/h4>\n

Most people retire in or near their prime earning years. By slightly delaying your retirement, you may be able to sock away disproportionately large sums of cash, enabling you to live a completely different lifestyle in retirement.<\/span><\/b><\/p>\n

5. Add another stream of income<\/b><\/b><\/h4>\n

Consider starting a business or buying a rental property. Any extra income you can have now (and in retirement) will be incredibly beneficial.<\/span><\/p>\n

 <\/p>\n

Retirement Years<\/b><\/h3>\n

6. Be realistic with your retirement dreams<\/b><\/b><\/h4>\n

I hate to be the one to say this, but you may have to take another look at all the things you want to do in retirement. By cutting off a few items from your bucket list, you can focus and spend on the ones that mean the most to you.<\/span><\/p>\n

7. Relocate\/Downsize<\/b><\/h4>\n

Again, reducing your cost of housing is one of the fastest ways to improve your monthly cash flow significantly. If you can, highly consider moving to somewhere\/something more affordable.<\/span><\/b><\/p>\n

8. Reduce expenses<\/b><\/b><\/h4>\n

Focus on intentional spending – Spending on what you care about, cutting back on things you don\u2019t. This approach provides some leeway in what you choose to spend your money on, as long as you\u2019re consciously choosing<\/span> how it\u2019s spent.\u00a0<\/span><\/p>\n

 <\/p>\n

Need help getting started on intentional spending? Download our complimentary budget worksheet to get organized!<\/a><\/strong><\/em><\/b><\/h2>\n

 <\/p>\n

9. Retire in phases<\/b><\/b><\/h4>\n

If you\u2019re worried about not having enough cash when you retire, consider taking on a part-time role. It may help you experience your retirement while maintaining some structure. You may prefer it more than full-time retirement.<\/span><\/b><\/p>\n

10. Vacation smarter<\/b><\/b><\/h4>\n

Instead of planning on a Mediterranean cruise once per year, consider traveling to see your kids or siblings. It will significantly reduce the cost of your expenses and give you the chance to spend quality time on relationships you genuinely cherish.<\/span><\/p>\n

 <\/p>\n

BONUS TIP:<\/b><\/h2>\n

If all of this is overwhelming to you, you\u2019re not alone. The fact is, many people delay saving for retirement simply because they don\u2019t know where to start, let alone have confidence they\u2019ll be able to live the retirement they want. Plus, how many of us worry about running out of money?<\/span><\/p>\n

This is where hiring a financial advisor who can lead the retirement planning process makes sense. We are trained professionals who work with people like you every single day. We understand and can relate to your concerns and want to give you the greatest chance to reach all of your dreams.<\/span><\/p>\n

From the technical skills of financial planning, retirement planning, and legacy planning to the emotional connection of knowing who you are and where you want to go, hiring a financial advisor is the surest way to give yourself confidence today of a certain tomorrow.<\/span><\/p>\n

Schedule a meeting with Humanity Wealth Advisors<\/a><\/strong>, and let us demonstrate our value to you.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

\"eBook<\/a><\/p>\n

<\/h5>\n
Investing involves risk, including possible loss of principal.<\/span><\/h5>\n
Humanity Wealth Advisors and LPL Financial do not provide legal advice or tax services.\u00a0 Please consult your legal advisor or tax advisor regarding your specific situation.<\/span><\/h5>\n","protected":false},"excerpt":{"rendered":"

If you’re in your 50s, is it too late to start saving for retirement? At this point, should you plan on working until you physically can\u2019t any longer because you\u2019ve dashed any dreams of living […]<\/p>\n","protected":false},"author":7,"featured_media":1367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[39],"tags":[23],"acf":[],"yoast_head":"\n10 Tips For Financial Planning For Late Bloomers - Humanity Wealth Advisors<\/title>\n<meta name=\"description\" content=\"If you're starting to save for retirement in your 50s, it's not too late! These ten tips can help make the process easier.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Tips For Financial Planning For Late Bloomers - Humanity Wealth Advisors\" \/>\n<meta property=\"og:description\" content=\"If you're starting to save for retirement in your 50s, it's not too late! These ten tips can help make the process easier.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/\" \/>\n<meta property=\"og:site_name\" content=\"Humanity Wealth Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-24T13:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-14T17:26:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1828\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Harry Sherdil\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Harry Sherdil\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/\",\"url\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/\",\"name\":\"10 Tips For Financial Planning For Late Bloomers - Humanity Wealth Advisors\",\"isPartOf\":{\"@id\":\"https:\/\/humanitywealth.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg\",\"datePublished\":\"2022-01-24T13:00:26+00:00\",\"dateModified\":\"2022-07-14T17:26:33+00:00\",\"author\":{\"@id\":\"https:\/\/humanitywealth.com\/#\/schema\/person\/ddb5f1da0f50d1162bfbe63975838d09\"},\"description\":\"If you're starting to save for retirement in your 50s, it's not too late! These ten tips can help make the process easier.\",\"breadcrumb\":{\"@id\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#primaryimage\",\"url\":\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg\",\"contentUrl\":\"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg\",\"width\":2560,\"height\":1828,\"caption\":\"10 Tips For Financial Planning For Late Bloomers | Humanity Wealth Advisors\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/humanitywealth.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"10 Tips For Financial Planning For Late Bloomers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/humanitywealth.com\/#website\",\"url\":\"https:\/\/humanitywealth.com\/\",\"name\":\"Humanity Wealth Advisors\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/humanitywealth.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/humanitywealth.com\/#\/schema\/person\/ddb5f1da0f50d1162bfbe63975838d09\",\"name\":\"Harry Sherdil\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/humanitywealth.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/65005a8f89c92240cc78168a22d8907a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/65005a8f89c92240cc78168a22d8907a?s=96&d=mm&r=g\",\"caption\":\"Harry Sherdil\"},\"description\":\"As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.\",\"url\":\"https:\/\/humanitywealth.com\/author\/harry\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"10 Tips For Financial Planning For Late Bloomers - Humanity Wealth Advisors","description":"If you're starting to save for retirement in your 50s, it's not too late! These ten tips can help make the process easier.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/","og_locale":"en_US","og_type":"article","og_title":"10 Tips For Financial Planning For Late Bloomers - Humanity Wealth Advisors","og_description":"If you're starting to save for retirement in your 50s, it's not too late! These ten tips can help make the process easier.","og_url":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/","og_site_name":"Humanity Wealth Advisors","article_published_time":"2022-01-24T13:00:26+00:00","article_modified_time":"2022-07-14T17:26:33+00:00","og_image":[{"width":2560,"height":1828,"url":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg","type":"image\/jpeg"}],"author":"Harry Sherdil","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Harry Sherdil","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/","url":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/","name":"10 Tips For Financial Planning For Late Bloomers - Humanity Wealth Advisors","isPartOf":{"@id":"https:\/\/humanitywealth.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#primaryimage"},"image":{"@id":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#primaryimage"},"thumbnailUrl":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg","datePublished":"2022-01-24T13:00:26+00:00","dateModified":"2022-07-14T17:26:33+00:00","author":{"@id":"https:\/\/humanitywealth.com\/#\/schema\/person\/ddb5f1da0f50d1162bfbe63975838d09"},"description":"If you're starting to save for retirement in your 50s, it's not too late! These ten tips can help make the process easier.","breadcrumb":{"@id":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#primaryimage","url":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg","contentUrl":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg","width":2560,"height":1828,"caption":"10 Tips For Financial Planning For Late Bloomers | Humanity Wealth Advisors"},{"@type":"BreadcrumbList","@id":"https:\/\/humanitywealth.com\/financial-planning\/10-tips-for-financial-planning-for-late-bloomers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/humanitywealth.com\/"},{"@type":"ListItem","position":2,"name":"10 Tips For Financial Planning For Late Bloomers"}]},{"@type":"WebSite","@id":"https:\/\/humanitywealth.com\/#website","url":"https:\/\/humanitywealth.com\/","name":"Humanity Wealth Advisors","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/humanitywealth.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/humanitywealth.com\/#\/schema\/person\/ddb5f1da0f50d1162bfbe63975838d09","name":"Harry Sherdil","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/humanitywealth.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/65005a8f89c92240cc78168a22d8907a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/65005a8f89c92240cc78168a22d8907a?s=96&d=mm&r=g","caption":"Harry Sherdil"},"description":"As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.","url":"https:\/\/humanitywealth.com\/author\/harry\/"}]}},"custom":{"td_video":"","featured_image":"https:\/\/humanitywealth.com\/wp-content\/uploads\/2022\/01\/AdobeStock_100819687-scaled-1.jpeg","author":{"name":"Harry Sherdil","avatar":"https:\/\/secure.gravatar.com\/avatar\/65005a8f89c92240cc78168a22d8907a?s=96&d=mm&r=g"},"categories":[{"term_id":39,"name":"Financial Planning","slug":"financial-planning","term_group":0,"term_taxonomy_id":39,"taxonomy":"category","description":"","parent":0,"count":68,"filter":"raw","cat_ID":39,"category_count":68,"category_description":"","cat_name":"Financial Planning","category_nicename":"financial-planning","category_parent":0}]},"_links":{"self":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/posts\/1389"}],"collection":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/comments?post=1389"}],"version-history":[{"count":1,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/posts\/1389\/revisions"}],"predecessor-version":[{"id":1527,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/posts\/1389\/revisions\/1527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/media\/1367"}],"wp:attachment":[{"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/media?parent=1389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/categories?post=1389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/humanitywealth.com\/wp-json\/wp\/v2\/tags?post=1389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}