Top of Mind

It’s Never Too Late to Start Saving

J. Money, who runs the uber-popular Budgets are Sexy personal finance blog, received a note from a reader that confided he: “just started saving at the ripe old age of 52 - so crazy. I am a late bloomer."

Truth be told: while I started saving for retirement in my early 20s due to my job, other savings goals eluded me until I started following the FIRE (Financial Independence Retire Early) movement. So, for non-retirement savings, I suppose I am a “late bloomer” as well.

While we’ve emphasized in Top of Mind blog posts (like this one) the importance of saving early due to compound earnings (the eighth wonder of the world!), older savers should not give up on retirement and other savings goals. Regardless of age, individuals should strive to get their financial house in order and save as much as possible. While the accumulated savings may not be as great as if you started earlier, it will always be greater than zero. Any savings will improve your financial position now, as well as in retirement - and that’s a good thing!

So please, do not use a late start as an excuse not to save! In fact, don’t use ANYTHING as an excuse not to save! And, who knows, even if you start late, you could end up like the people from the Knee Deep In It blog, who “didn't start this stuff for real until about 8 years ago. Even with that late start, we retired 2 years ago at 56/52 and live in the Caribbean.”

So yes, it is indeed never too late to start saving!

Are you a retirement or other savings “late bloomer”? I would love to hear about your experience on LinkedIn, Twitter or at!

Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice. Opinions expressed are those of the author, and do not necessarily represent the opinions of Cammack Retirement Group.

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