Of course, if you’re behind on your retirement savings, it's usually caused by 3 common errors. It’s enough to send a chill up your spine and back again. But your future doesn’t have to be frightening!

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We asked for a few Tips from Advisor & CO. to share their advice for retirement savers who've gotten a late start. Here’s what they had to say.

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Tip # 1- Be Intentional- Know the state of YOUR MONEY

You know how you avoid going to the doctor because you’re afraid of what they might find? Money’s no different. What you don’t know really freaks you out! But if you want to feel good about your future, you’ve got to dive headfirst into the details.

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Bernie, suggests starting with confirming from your current savings accounts what has actually happened for growth int he last year, 3 years. Ask for advise, are you gaining or losing according the averages? 

 

It’s okay to take it one step at a time. “Go back and look at what you invested and earned for interest on your accounts.  It is much better to know now then when you are going to retire.”

 

Start there this is now your starting point. "A"

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Being intentional with your planning, but it’s well worth the time invested. Why?

 

Because once you know where your money’s going, you can take control of the situation.

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“Tell your money what to do, Don't wonder where it went”, its your money tell it what to do.

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Tip #2- Know Your Options

Want to banish your fear of the unknown once and for all? Educate yourself. An experienced advisor can help you understand and navigate all of your options. Here are a few to consider:

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Ask what’s available at work. You may be missing out on a RRSP match or find “free money” through a pension.

 

Remember, you can make additional “catch up” contributions toward retirement: an extra $1,000 per year for RRSP or TFSAs and an

 

extra $5,500 per year makes a huge difference.

 

Advisor & Co. recommends pretending that CPP doesn't exist so you don’t miss it if it’s gone when you retire. But if CPP is still around in your golden years, can you say.... Bonus.

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• First, Use up your employer contribution match to the max if available.

• Then Maximize your TFSA contributions and make up all past contribution room.

• After maximizing TFSA, go back to NON-REG RRSPS.

  • The reason for this is because you can have either your RRSPS or TFSA accounts growing at market average of 12%, Your whole nestegg, WHY put it into RRSPs and make all withdrawals taxable?

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Let’s take a look at how a little education helped one couple make big strides. When Denise and George they came for advice, they were 60 years old with basically just a paid-off home as their retirement savings. By taking advantage of options at work and contributing to a TFSA and other non-qualified accounts, the couple pushed their net worth from $100,000 to almost $500,000 over the course of just six years. And they did it all on a normal household income!

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“It just goes to show you can make immense progress if you’re determined and intentional about what you want to do,” Bernie says.

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Tip # 3-Add Years to Your Nest Egg

If the fear of failure is getting in the way of their future, we’ve got good news! The clock doesn’t run out the minute you hit 65. Get more bang for your retirement buck with these expert ideas:

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Keep an open mind about housing. If you have way more empty nest—or mortgage—than you need, why not consider downsizing? Letting go of a place that holds so many memories can be difficult, but exploring your options can open up a world of opportunity in your golden years.

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"Walk” into retirement. Want to retire on your terms and still get paid? Try a phased approach by gradually reducing your hours over time or pursuing a job you truly enjoy. It’s a great way to stretch your savings until you’re ready to call it a day (for real this time).

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Contain long-term costs. Everyone knows nursing home costs can put a big dent in your retirement savings. That’s why it makes sense sometimes to seriously consider Long-Term-Care Insurance. It may not be the most glamorous birthday gift you get for the big 6-0, but it could save you over $87,000 a year, according to the Genworth 2014 Cost of Care Survey.

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Tip #4-Here’s Your Fresh Start

You may feel like you're so far behind that you'll never be able to save enough for a secure retirement. But one thing's for sure—you'll never reach your goal if you never get going on your plan! “Nothing eases worry like taking action,” Bernie says. “Block out all the fears and emotions from TV or other Media. Commit to investing each month, no matter what’s going on in the stock market.” Today is your chance to prove it’s never too late to start. And you don’t have to do it alone. Take the fear out of your future by talking to an investing advisor. It doesn’t cost a thing to sit down and just look at your options. A true pro will explain their recommendations in simple terms so you can make confident decisions with your investing dollars. If you’re looking for advice you can trust, Our team has the heart of your favorite teacher, we can put you in touch with an advisor Bernie recommends.