I am a notoriously late person – I routinely arrive late to family gatherings and drinks with friends.  On more than one occasion, I have felt really bad about being late and wondered if it might just be best to skip the event all together.  Maybe, instead of admitting that I took a long walk which made me late, I should just say I’m not feeling well and stay home.  After all, if I’m too late to the party, is it even worth going?

I often hear this same sentiment when talking to people about financial planning. I get the sense that sometimes people feel they are “too late” to get started.  We talk a lot about the importance of saving, and the power of compound interest.  But this can leave people wondering – am I too late?  If I haven’t made these sort of intentional decisions, is it too late to start now?

The answer is this: no matter where you are in your financial journey, you are just in time to make a difference for your future.  That means if you are pondering retirement but are worried about having saved enough money, we can work together to find out if you are on track.  If you have a child who is going to college soon and you didn’t open a 529 the day after they were born, we can work together to build a plan for you to contribute to their education.  If you are contemplating caring for an aging parent, but aren’t quite sure if you can afford the costs, we can help.  Financial planning starts where you are today – so wherever you are is where we will begin.

You are in good company.  According to the Bureau of Labor Statistics National Compensation Survey for 2019, only 56% of workers participated in a workplace retirement plan.[1]  And the rate at which workers are saving in their retirement plans varies greatly based on age.  For example, the average forty-something has saved $93,400 in their 401(k), while the average fifty-something has saved $160,000[2]?  For those who start saving later in their working years, we have specific steps we can take together to help increase your retirement safety.  The most important step is that we start talking about what you want your future to look like.

Let me tell you a story about a client who thought she was too late to the game.  She didn’t start saving for retirement until she was 50.  When she told me this, she hung her head and admitted that she was late to saving. The shame was palpable.  That shame had been holding her back from seeking advice – and on that day we began the process of change.  She was ready to tackle this big, scary, thing – so together we built a plan for her to start her retirement saving process.  In the years since that conversation, she has become one of the most diligent savers that I know and is ready to retire next year.  Her retirement is possible because she was willing to have that first, hard conversation and to change her own future.  This is what we do as financial planners.   We partner with our clients, we walk alongside of them to tackle the next big, scary thing that they want to address.

So, the next time you ask yourself – “am I too late?” please remember that it is never too late to show up for yourself and your future, and we are here to help you get started.

[1] http://www.pensionrights.org/publications/statistic/how-many-american-workers-participate-workplace-retirement-plans

[2] https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp

This content is developed from sources believed to be providing accurate information, and provided by ReFrame Wealth, LLC. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.