Saving for Retirement? I’ll Start Next Year…

Everyone knows that you should start saving for your retirement in your 20s and 30s. However, starting to save for retirement is one of those things that can get pushed off until next year. If you are in your 40s and 50s, it is not too late to start saving but you are running out of “next years.”

When people reach their middle career years, they start to get more serious about saving for retirement. At this time, retirement starts to seem more tangible and you have a better idea of how you plan to spend your retirement.

If you are one of those who have put off saving for retirement, this is the year to make it a priority. While you may not be as well-positioned as someone who started saving 20 years ago, there is still a lot of time left to shore up your savings. Here are two ways to get started:


Just like any big project, the first step is to figure out where you are. Start looking at what you have coming in and how much you will need to sustain your current lifestyle in retirement.

Understanding your expenses now and your future income sources are pivotal to providing an accurate estimate of what you need to save and forming a financial plan. Setting a clear goal will help you determine what you need to save to reach it.


Generally, big expenses for many retirees include health care costs. Start minimizing future expenses by taking better care of yourself. Now is a good time to think about losing weight, quitting smoking and starting to exercise.

Even if you are in perfect health now, you may have a need for in-home care or a nursing home facility later in life. This can be very expensive and is not covered by Medicare. In fact, nearly 80% of long-term care for the elderly is provided by family members. Considering your long-term care insurance options is something you can do now to help ensure that you are getting the best care when you really need it.

The experienced professionals at Chemical Financial Advisors would be happy to help you develop a retirement savings plan or financial plan, review your long-term care insurance options or just help you figure out where to get started. For more information, please visit or call 800.808.5404.

Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with Chemical Bank and its related companies. Investments are: • Not FDIC insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives.