If you’re 10 to 20 years from retirement
and haven’t started to invest, don’t despair. Experts
advise taking a hard look at your budget and contributing as much
as you can to tax-deferred retirement plans — such as a work-sponsored
plan, if you’re eligible, or an IRA.
Balancing act
Also, you’ll need to weigh your tolerance
for risk against your financial goals, since you need to achieve
as much investment growth as possible in the time you have available.
That might mean taking on a higher degree of investment
risk
in
some areas of your
portfolio
to boost your potential for greater
earnings.
Additional income
If your spouse or partner isn’t working,
you might decide together that income from an additional
job could help significantly. And, although many people
retire at 65, you may have to plan on working a few
more years to build up the balances in your investment
accounts and to postpone drawing on the assets you
have.
