For the past couple of months I have blogged about 'starting early' and 'investing in your 20's and 30's.' For those whose 20's and 30's have passed them by, that may not be particularly helpful, especially if they don't have substantial retirement savings to speak of.

While it is true that the earlier you start saving the better, it is never too late to start! You just have to catch up. Fortunately, 401k and IRA rules allow what is called a 'catch up clause' that lets people in their 50's contribute more to their retirement plan than younger investors. For people 50 and older, the contribution limit for Traditional IRA's and ROTH IRA's is $6,000 for the calendar year 2010 (compared to $5,000 for those under 50). In 401k plans employees over age 50 can invest up to $22,000 in 2010 as compared to only $16,500 for those under 50.

Now that you're allowed to put a significant amount away for your savings, what should you invest in? Conventional wisdom says that the closer to retirement you are the more conservative you should be. One the other hand, with such a late start shouldn't you be more aggressive with your investments to try and 'catch up'? The answer to this question is far from a simple one. It depends on how you feel about risk, the amount of debt hanging over your head, what kind of health you and your spouse are in, and several other factors.

It's never too late to start, but if you find yourself behind the eight ball with only a few years left until you want to retire you will need a good game plan. That's where we can help. Stop down and talk to us and we will put together a plan that is tailor-made for helping you catch up and reaching your goals.

Steve Hicks

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).