How to maximize your retirement savings if you are a late starter by ken Mahoney
www.thesmartinvestors.com

Are you closer to retirement than you would like to be without a retirement account in place? Have you been freaking out while reading this book, trying to figure out how in the world to get started saving for retirement at this late date? No worries--getting a late start on retirement savings is better than never getting started at all. Even though time is not on your side, there are a few things you can start doing now to maximize your savings for retirement.

Start now
You have delayed enough, so whatever you do, do not procrastinate any longer. Even if you only a have a few years left until retirement, take for granted the time you have and use it to your advantage. So whether you have 2 years or 20 years left, it is important to start planning and saving for retirement as soon as you can. Don’t worry about how much you can save either. Whether you can afford to save $25 per month or $250 per month, saving it now is better in the long-run than waiting until later to do something about your retirement.

Be conservative
If you are a late starter, it doesn’t mean you should go into saving and investing like gangbusters. Being aggressive and taking a lot of risk can do your retirement savings and investments more harm than good. Be wise and approach investing your money conservatively. It is important to grow and increase the value of your retirement account, but it is just as important to protect the principal you invest in the first place.

Get help
Try not to play the hero either. Do-it-yourself retirement savings hasn’t been your forte up until now if you waited to the last minute to start, so you should consider getting some professional help and advice. Everybody needs a little help sometime and your time may be now. Consider working with a Certified Financial Planner or Financial Advisor, who will help you put your goals on paper and create a realistic plan to help you carry it out through your retirement years. Financial planners can help you to turn your plans into actions—actions that help you achieve your retirement goals.

Take time into consideration
With your retirement savings plan in place, you should invest for the highest possible return for the time you have left until retirement. Obviously, the more time you have until retirement, the more risk you can take with your investments. The less time you have until retirement, the less risk you can take with your investments. Many high return investments seem like a good idea but these investments are usually volatile. If you take too much risk, you put your principal in danger.

So while a late start is better than no start at all, it is important to take the steps necessary to preserve your principal. Take the time to consider your investment opportunities before launching into any type of retirement savings plan and try to get some professional help to increase your odds of achieving your goal. Do not wait any longer than now to start some kind of a retirement plan and fund. Leverage what you have today to create your future.