Late Retirement Planning

Late Retirement Planning Lessons from 1980 Olympic Hockey Team: "Their dramatic turnaround in such a short time is a solid example of two things: 1) It's never too late to reach your goals, and 2) with the proper planning and strategy, you're more likely to accomplish great things. This couldn�t be a better vision to have in your head if you�re nearing retirement and haven't spent much time planning and saving for life after work..."

How many times have you heard someone say that if you starting putting away a nickel every week from the time your were 20 until you're ready to retire, you'd have like 8 million dollars saved for retirement. I obviously don't remember the actual figures but the important part was to start saving when you are young.

Another question for you, how many articles have you seen about playing catch up with your retirement savings? Well here's another one but this is the first one that I've seen mention the "catch-up provision". If you're 50 or older you can add an additional $5000 (in 2006) to your 401(k) or $1000 to your IRA.

Now if we all started saving in our 20ies like we were supposed to, then we wouldn't need to play catch up. But unfortunately, when I was in my twenties I spent all my money at bars and on vacations. Who would have thought that retirement would come so quickly?