While retirement savings are best started early, many people end up getting a late start. This doesn’t have to spell disaster, however; if you live in Cleveland and are approaching your 40’s without a retirement plan in mind, there is hope. TheBalance.com offers some good tips on how to get a jump start on your retirement later in life.

Know How Much You Need

Many people make the mistake of thinking they can get by on meager savings after they retire. For most people, the bare minimum needed to get by is about $30,000 to $40,000 per year and depending on how long you live this figure could easily approach the $1 million mark. When saving, more is always more. Don’t underestimate the actual amount you need, as you could come up short (especially if you run into unexpected expenses related to health or home repair).

Stock Up on Insurance

Insurance is your friend in advancing age, as policies catering to health needs will prevent you from digging into your savings to cover essential medical care. Life insurance is also crucial, especially when you have kids. After you’re gone, life insurance can cover lost income, end-of-life medical expenses, and funeral costs. You can also invest in whole life insurance, which features an investment element (since your money will gain value over time).

Get Rid of Debt

You don’t want to go into your retirement with a lot of debt. The best time to pay off debt is when you have a steady income, as you’ll have a greater financial safety net than when you retire. If you have credit card debt, work on paying it off as quickly as you can (without taking money away from other expenses). The same is true for your mortgage; if this debt is satisfied before you retire you have far less of a financial burden to deal with.