{"id":87928,"date":"2024-07-05T14:36:30","date_gmt":"2024-07-05T18:36:30","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=87928"},"modified":"2024-07-05T14:36:31","modified_gmt":"2024-07-05T18:36:31","slug":"is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/","title":{"rendered":"Is it too late to save for retirement? How to invest in your 40s, 50s and 60s"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\">\n\t\t\t\t\t\t\t<span>Budgeting<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Is it too late to save for retirement? How to invest in your 40s, 50s and 60s<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Inspired Investor Team<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"716\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Senior couple planning a budget with a computer\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg 7021w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg?resize=300,210 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg?resize=768,537 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg?resize=1024,716 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg?resize=1536,1075 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/shutterstock_2305426709.jpg?resize=2048,1433 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Is it too late to save for retirement? How to invest in your 40s, 50s and 60s &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 5, 2024 \u2022 10 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Between the high cost of living and a challenging economy, many Canadians feel like they\u2019re behind when it comes to saving for retirement. Even the most diligent savers have found their budgets squeezed in recent years by rising inflation and interest rate hikes. This raises questions about how to save, and what to do when faced with different investment options.<\/p>\n\n\n\n<p>It can help to know you\u2019re not alone. Half of Canadians said their most important investing goal is to retire comfortably, according to the <a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=125870\" data-dig-id=\"LP-87928-a60d2e7c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC 2024 Financial Independence Poll\" class=\"rbc-link-format\">RBC 2024 Financial Independence Poll<\/a>. However, in the same poll, three in four respondents said they worry about how to balance saving for immediate priorities vs. saving for retirement. The struggle is real. The result is that Canada\u2019s median retirement age has been steadily rising <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=1410006001&amp;pickMembers%5B0%5D=4.1&amp;cubeTimeFrame.startYear=2003&amp;cubeTimeFrame.endYear=2023&amp;referencePeriods=20030101%2C20230101\" target=\"_blank\" data-dig-id=\"LP-87928-33102f87\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"over the last 20 years\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">over the last 20 years<\/a>. One in two Canadians who are still working after their 60<sup>th<\/sup> birthday are doing so out of necessity, according to a <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/220708\/dq220708a-eng.htm\" target=\"_blank\" data-dig-id=\"LP-87928-f45a80d3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"2022 Labour Force Survey\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">2022 Labour Force Survey<\/a>.<\/p>\n\n\n\n<p>To get where you want to be, on a timeframe that works for you, it can be useful to break the steps down and draw a roadmap. Here is a four-part plan you can use to get more serious about saving for retirement, whether you\u2019re in your 40s, 50s or 60s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Imagine your wants and needs in retirement<\/h2>\n\n\n\n<p>Do you picture yourself at a quiet cabin on a northern lake? Or living a snowbird life, split between golf and grandkids? Retirement plans look different for everyone. Spend some time assessing what you want from your golden years. Some people downsize while others stay in their current home. Some people continue to work on a part-time or contract basis, while others go all-in on travel or other hobbies. To get the ball rolling, <a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/test-retirement-knowledge.html\" data-dig-id=\"LP-87928-28959a27\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Test Your Retirement Knowledge\" class=\"rbc-link-format\">Test Your Retirement Knowledge<\/a> and start to give some thought to important elements of this phase of your life, like the living arrangements and social life you want to have. Will you need a car? How about housekeeping services? Even though it\u2019s difficult and uncomfortable, you should also consider what sort of help you might have or need to hire if you face health challenges as you age.<\/p>\n\n\n\n<p>Once you understand what retirement looks like for you, here are some <a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/retirement-calculators.html\" data-dig-id=\"LP-87928-526a03cb\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"helpful calculators and tools\" class=\"rbc-link-format\">helpful calculators and tools<\/a> you can use to get started thinking about an investment strategy. For example, maybe you\u2019re wondering whether to invest in a <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa.html\" data-dig-id=\"LP-87928-d3db4d98\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Tax-Free Savings Account\" class=\"rbc-link-format\">Tax-Free Savings Account<\/a> (TFSA) at this stage or a <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html\" data-dig-id=\"LP-87928-e9e7432e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Retirement Savings Plan\" class=\"rbc-link-format\">Registered Retirement Savings Plan<\/a> (RRSP). If you have RRSP contribution room left, investing this way can lower your tax bracket; but if you\u2019re working part-time or have a lower income, TFSA contributions might be right for you.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Take stock of where you\u2019re at today<\/h2>\n\n\n\n<p>As a picture of your retirement starts to form in your mind, you may find this helps motivate you to sit down and assess your day-to-day spending. Consider tracking your income and expenses over the course of a month, to see where your money is going and whether you have room in your budget to start (or increase) making contributions towards this goal.<\/p>\n\n\n\n<p>This may be a good time to check in with your advisor, especially if you have other goals and priorities to juggle\u2014for example, if you have kids and are contributing to their post-secondary education, you might factor in <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp.html\" data-dig-id=\"LP-87928-021648cc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Education Savings Plan\" class=\"rbc-link-format\">Registered Education Savings Plan<\/a> (RESP) contributions.<\/p>\n\n\n\n<p>An advisor can also help you understand the specifics of any savings you already have. What is your actual net worth? This list could include a pension from a previous company, any investments in Canada or abroad and the equity in your home.<\/p>\n\n\n\n<p>If you\u2019re carrying debt, you should take steps to reduce it, both to free up mental space and increase your financial security. It\u2019s particularly important to work toward paying down any debt the closer you are to retirement \u2014 factor in any changes in interest rates over time, and debt payments, which can be an unpredictable expense that may balloon and constrain your retirement finances.<\/p>\n\n\n\n<p>Generally, a good place to start is by paying off any high-interest debts, like credit card debt. You could consolidate high interest debt into lower-interest debt, which could help lower your interest costs and payments. Once accomplished, this may free up more money that creates cash flow and could be used for investments linked to retirement.<\/p>\n\n\n\n<p>It can also be encouraging to see how much you\u2019re entitled to receive from the <a href=\"https:\/\/www.canada.ca\/en\/employment-social-development\/programs\/pension-plan.html\" target=\"_blank\" data-dig-id=\"LP-87928-0bcacebd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada Pension Plan (CPP)\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Canada Pension Plan (CPP)<\/a> and <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security.html\" target=\"_blank\" data-dig-id=\"LP-87928-da48df1e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Old Age Security (OAS)\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Old Age Security (OAS)<\/a> at retirement. The amount will depend on specifics like how long you\u2019ve lived in Canada, how long you\u2019ve worked and your average earnings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Understand your attitude toward investing<\/h2>\n\n\n\n<p>Now that you\u2019re committed to starting or growing your retirement fund, it\u2019s important to understand your own <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/understand-investment-risk-to-know-whats-right-for-you\/\" data-dig-id=\"LP-87928-0e0fce05\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"risk tolerance and risk capacity\" class=\"rbc-link-format\">risk tolerance and risk capacity<\/a>. Your timeline is also an important factor to consider. If you\u2019re in your 40s and your target retirement date is still more than 15 years away, you have a much longer time to invest than someone in their 60s who is hoping to slow down in the next five years or so.<\/p>\n\n\n\n<p><strong>If you have a longer time to invest:<\/strong> If your retirement is still 15 years away, you might consider higher-risk investments. This is because you\u2019ll have more time to make up for any<ins> potential<\/ins> losses along the way. Over time, markets generally recover from losses, which can offer peace of mind if there are bumps along the way.<\/p>\n\n\n\n<p><strong>If you have a shorter time to invest:<\/strong> If your retirement is less than 15 years away, you may decide to opt for stability: lower-risk investment options. Once you get to a point where you plan to start using your savings soon, you may not be able to afford to see any significant drops in your investments\u2014even if your investment style has been more high-risk until now.<\/p>\n\n\n\n<p>No matter which category you fall into, speaking to an advisor can help determine the right investment mix for you and your goals. For example, even if you technically have a longer time horizon, you may not be able to tolerate the ups and downs of a higher-risk investment. Instead, you could opt for a lower-risk option that\u2019s a better match for you personally.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Be intentional<\/h2>\n\n\n\n<p>If you feel like you\u2019ve fallen behind on saving for retirement, you may be feeling stressed about playing catch-up. An advisor can offer financial recommendations based on your investment needs. There are ways to help get on track once you\u2019ve decided this is the time to make retirement a priority investment.<\/p>\n\n\n\n<p>Many people find <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\" data-dig-id=\"LP-87928-c4f79752\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"pre-authorized contributions\" class=\"rbc-link-format\">pre-authorized contributions<\/a> are a helpful way for them to be consistent and disciplined about saving for retirement. If you decide on a set monthly amount, and automate the process, you\u2019ll eliminate the chance of forgetting or spending the money elsewhere as a spontaneous purchase. Another potential upside of contributing a fixed amount to your RRSP is that you\u2019ll be purchasing investments at different price points. This is a potentially more strategic way of buying into the market\u2014it means you\u2019re averaging costs over time and not investing a large sum at a time when prices happen to be high, which would lower your returns.<\/p>\n\n\n\n<p>When most people think of their retirement savings, the first thing that comes to mind is a Registered Retirement Savings Plan\u2014after all, the purpose is right there in the name. Certainly, as part of your strategy, you can max out any RRSP contribution room you have, to the best of your ability. As a bonus, those contributions may help to potentially lower your income tax bill. If you are married, you can also make strategic decisions to invest in a <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-a-spousal-rrsp\/\" data-dig-id=\"LP-87928-00c8924f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Spousal RRSP\" class=\"rbc-link-format\">Spousal RRSP<\/a> and receive a tax deduction.<\/p>\n\n\n\n<p>But don\u2019t forget there are other ways to save. You can grow your money tax-free in a TFSA, for any savings goal including retirement. If you\u2019re unsure how much room you have in your TFSA, <a href=\"https:\/\/ca.rbcwealthmanagement.com\/web\/michael.hamlyn\/tfsa-contribution-room\" data-dig-id=\"LP-87928-80ca1173\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"here is a step-by-step guide\" class=\"rbc-link-format\">here is a step-by-step guide<\/a> to figure it out. In 2024, the TFSA contribution limit is $7,000.<\/p>\n\n\n\n<p>Finally, if your employer offers a workplace retirement savings program, this can be a great way to save money with your employer\u2019s support. Employer sponsored savings plans are a tax efficient way of maximizing your savings through payroll deductions. These programs can help to make the most out of your investments since payroll contributions are deducted at source, reducing your taxable income, which can potentially lead to lower taxes. Once you\u2019ve enrolled and earmarked part of your salary for retirement, you should aim to contribute at least enough to capitalize on any employer matching contribution offer. This way, you aren\u2019t leaving money on the table.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The bottom line<\/h2>\n\n\n\n<p>After a difficult few years, Canadians are enjoying a moment of optimism in the wake of the Bank of Canada\u2019s interest rate cut\u2014the first G7 nation to do so. It could be the start of a new chapter.<\/p>\n\n\n\n<p>Even if you\u2019re starting late on saving for retirement, at least you\u2019re starting now. You don\u2019t have to feel like you\u2019re behind forever.<\/p>\n\n\n\n<p>Taking concrete steps in your 40s, 50s and 60s can help you regain a sense of control over this next phase of your life. Together with a professional advisor, you can build a solid retirement plan that you\u2019re motivated to save for in the coming years.<\/p>\n\n\n\n<div class=\"wp-block-group mar-b has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Click here to <a href=\"https:\/\/www.rbcroyalbank.com\/book-an-appointment\/book-an-appointment.html\" data-dig-id=\"LP-87928-18c61f2f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"book an appointment\" class=\"rbc-link-format\">book an appointment<\/a> with an Advisor today. We can help with a plan or fine tune an existing retirement or financial plan.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-87928-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n\n\n\n<p>Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.<\/p>\n\n\n\n<p>&nbsp;This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-4bd8e336-7796-4336-bc98-70fc5b942a1b\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Is it too late to save for retirement? How to invest in your 40s, 50s and 60s &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-86ae862e-9430-4b34-9553-0b6d175bc18b\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Budgeting<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/investing\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Investing<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/retirement\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Retirement<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 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is a four-part plan you can use to get more serious about saving for retirement, whether you\u2019re in your 40s, 50s or 60s.<\/p>\n","protected":false},"author":80,"featured_media":87954,"parent":58194,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[517,570,536,48],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[71],"rbc_difficulty_level":[33],"rbc_mmm_category":[303,395,393,320,352,313],"class_list":["post-87928","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-budgeting","tag-investing","tag-retirement","tag-savings","rbc_content_type-article","rbc_lob_group-investments","rbc_difficulty_level-beginner","rbc_mmm_category-goals-aspirations","rbc_mmm_category-ideas-and-motivation","rbc_mmm_category-inspired-investor","rbc_mmm_category-investing","rbc_mmm_category-planning-for-retirement","rbc_mmm_category-retirement"],"acf":{"contently_publication_id":"","custom_author":"Inspired Investor Team","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Here is a four-part plan you can use to get more serious about saving for retirement, whether you\u2019re in your 40s, 50s or 60s.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Here is a four-part 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