This is a loaded question. The answer is, “However long you have waited, you have waited the longest time you can!”

I will state the obvious to anyone who is 55+ years and wishes they would have begun planning for retirement much earlier. With that knowledge, the answer is simple, “You should not wait one day to begin saving for retirement!”

It should begin with your first job – with your allocating the maximum you can to your 401k or other retirement plan – so that you are saving and maximizing any employer match that is available. From there, you need a couple more easy concepts

  1. Never borrow from the retirement fund
  2. Do not refinance your home, and
  3. Use credit cards to get free stuff and points but do NOT pay interest.

If you start this with your first career job and continue it, you will retire a millionaire plus and have a comfortable retirement.

Now – back to the question at hand. If you did not do what is suggested above, you’re normal, have plenty of company, and need to start saving now.

Step one: If you have any debt, you need to get rid of it. You should investigate your options – because even if you have the cash – simply paying off the debt, dollar for dollar, may be too costly given the time frame you have left to save for retirement.

Step two: Do what you need to do – accelerate principal payments – but you have got to get the house paid for by 70.

Step three: Analyze your social security benefits and determine the optimal strategy when you and your spouse should claim. Typically – the highest earner should wait to 70, and the lower one starts at 66.

Two final points: First, teach your children and grandkids the plan in the first paragraph. It will be the gift they remember you best for! Second, if you are one of the many who are saddened by their present retirement prospects – IT IS TIME TO ACT! I suggest your first step should be to attend our FREE Seminar: “Learn the Switch – from Debt to Savings” it is Wednesday, November 6th. Your invite awaits you below.

Have a great weekend,


P.S. Did you know that THAV GROSS offers free consultations for business, financial, and tax problems? Call us anytime – (248) 645 – 1700 or CLICK HERE to send us a message.