While 40 may seem like the new 30, that shouldn’t entice anyone to put off saving for retirement.

Retirement is closer than you think and must become a priority if you want to plan for life after work.

Yes, you may still have decades remaining within the workforce, but the years will come quickly, and each year is an opportunity to maximize your retirement fund.

Unfortunately, too many people wait until their early 40s to seriously begin thinking about retirement.

If you feel like you’ve waited too long – don’t panic. There are still several resources and tips you can use to better position yourself for a comfortable retirement life. Here are three thoughts to think about as you begin planning for retirement.

Stick with your plan

Planning for tomorrow means different things to different people.

You have already begun to save money, but you may be without a plan.

This approach leads to unanswered questions. Chief among them is knowing how much money you actually need to save for retirement. Those who put off retirement too long may find it difficult to catch up and save enough money to make up for lost time.

This reality may force you to remain in the workforce longer than you had planned, delaying your much-earned retirement life.

Coming to grips with this can be challenging, leaving you searching for answers on how to move forward.

Plan for retirement today

Regardless of how far you may think you’re behind, it’s important to put on blinders and focus on the future.

You may have to start small, and that’s OK. As long as you take the first steps toward saving for retirement by estimating how much you’ll need for retirement, you can feel a little optimistic.

With a couple of simple calculations – 1. Desired retirement age subtracted from estimated life expectancy (retirement length); and, 2. Projected annual expenses multiplied by the number of retirement length – you can see a clear picture of your goals.

There are a few other steps and calculations that can help you understand your financial footing today and how it will interact with the needs of tomorrow. The important part, regardless of age, is to start with a plan and begin to carry it out.

If you’re a homeowner, you have other tools available that can help shape the life you envisioned as a retiree.

In fact, many individuals turn to a Home Equity Conversion Mortgage (HECM)* for their retirement planning because it might deliver several helpful financial mechanisms to ease the transition into retirement life.

A HECM is a great way to double buying power, retain liquidity, and leverage available resources. Keep in mind that you must be at the age of 62 or older to enjoy the benefits of this mortgage program. The homeowner will still be responsible for taxes, insurance, and home maintenance.

Contact us today for details on how this program can boost your income, eliminate monthly mortgage payments, and help you enjoy the new freedoms of retirement life today.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.