When it comes to retirement planning, a lot of things probably go through your mind. You wonder if it's too late to come up with an effective retirement plan, especially after you turn 55 and as you approach the age of retirement. However, retirement plans are effective any time before you stop working. Keep reading to learn ways to fast-track your retirement planning if you've gotten started a little late. We'll also discuss the importance of consulting with retirement planners who specialize in helping people reach their goals for the golden years!

So, what is retirement planning, anyway? Planning for retirement involves preparing for the years after you stop working for a salary. It's important to save enough money to help pay for medical emergencies, expenses, activities that you enjoy, and any issues that may arise. While Social Security will provide you with a steady income, it's often not enough to meet all your needs. Therefore, working with a retirement planner to assess your risk can help you maximize your investment returns without losing sleep at night.

Here's an example to take into account. You start at age 25 and put $3,000 in the retirement account, tax-deferred, for 10 years. Let's say you stop saving completely. By age 65, you will have turned your $30,000 investment into $338,000 if you get a 7% return each year.

At age 35, if you save $3,000 a year for the next 30 years, you will still have a tidy sum. When you reach 65, you will have put aside $90,000, and, assuming a 7% return, you will have $303,000 saved. So, the earlier, the better, but it's never too late!

If you feel like your retirement is approaching too quickly and you haven't started saving yet, there are two strategies that may work. It's also a good idea to speak with retirement planners for their input and expertise.

Does your job have a 401(k) or similar retirement plan? If so, put in as much as you can. At a minimum, put in enough to maximize your employer match. Investing in your 401(k) at work gives you a tax-deferred way to save from retirement. Plus, it's automatic and easy to do.

Your 50s and early 60s are your highest earning years on average. Therefore, you may have a higher tax bracket. Therefore, this is also a great strategy to minimize your taxes.

As you get older, many financial advisors will tell you to invest conservatively. However, if you are trying to make up for lost time, time is of the essence. Instead of allocating most of your money into bonds, speak with your retirement planner to develop ways to increase your earning potential without risking more than you're comfortable with.

In any case, how conservative you invest is essentially a personal preference. Your financial advisor can help you choose stocks, bonds, and a mix of assets that will help you hedge against inflation and kick-start your retirement planning.

Chances are, you will need additional savings beyond what you get from Social Security. This is particularly true if you wish to travel or have other plans that require money. If you have your home paid for and a nest egg saved up outside of your Social Security income, you may make it through retirement. However, it only takes one emergency to drain your savings if you haven't been careful enough.

Saving for emergencies is part of your overall wealth management strategy. Contact one of our retirement planners to discuss the best strategy to ensure that your loved ones are taken care of and that you have a comfortable retirement when you stop working.