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How late is too late to start saving for retirement?

This question is difficult because the answer depends on your income and assets, your goals for retirement, and many other factors. Ideally, you should begin saving for retirement in your 20s. More time to save maximizes your chances of having the kind of retirement lifestyle you want.

If you're in your 40s or older and haven't saved much (or anything) yet, you may face a challenge in building the retirement fund you need. The shorter your time frame, the less room you have for error. But don't panic--it's never too late to start saving. You may still be able to secure a comfortable retirement for yourself, but you may have to make some tough choices to do so.

Read the rest of this article.

• Should I contribute to my 401(k) plan at work?

   

• What happens if I start collecting Social Security after age 65?

   

• Can I deduct premiums paid for long-term care insurance (LTCI)?

   

• How do I talk to my elderly parents about their finances?

   

• Can I take money from my IRA without any penalty?

   

Find articles by the topic you are interested in:

• Employer-sponsored retirement plans and benefits
• Social Security
• Health Care
• Caring for an aging parent
• Saving for retirement
• IRAs
• Housing

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