Whoops, did you forget to plan for retirement?

“Lottery tickets do come to mind,” said Edelman with a sly smile when asked what people can do if they haven't started planning for retirement. However, if you don’t win the lottery, Edelman also says there’s still quite a bit you can do.

First, Edelman said too many people over 40, who didn’t plan for retirement, think they’ve missed the boat. That’s not the case.

“Most people prematurely decide it’s too late. Even in your 60’s it’s not too late. A 65 year old has a life expectancy of 88 years of age. And if you’re married, one of you is going to live to 95 according to current statistics. It’s not at all too late.”

The first step, he added, is to save a little something right now. “Get the ball rolling. If you can afford a latte at your favorite coffee shop, you can afford to save. It takes a remarkably small amount of money to start building wealth.”

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The trick he said, is to put money aside, right away. “Start right now. A lot of people think it takes large amounts of money to save for retirement. It doesn’t.”

And if you’re over 60 and haven’t saved much money, Edelman says starting your own business can be an effective strategy. If you have a skill, leverage your own expertise. “It has never been easier to start a small business and that business can generate significant revenue in a relatively short amount of time. In fact, you may already have a set of clients and not know it.”

The bottom line, Edelman said, is do something for your retirement right now. “Denial and procrastination are deadly for your financial health. Don’t let them get you.”

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