IT’S hard to believe that we are in the ninth month of the year already. Are you on track with your financial plans, your goals, and your dreams?

A schoolteacher who is in her mid-50s last week expressed concerns about about investing long term at this stage of life. She needed reassurance that it is not too late to invest, so her dreams of financial freedom can become a reality. All her life she has been saving but has been disappointed with the results. Retirement is now looming, and she regretted the investment time lost, spanning more than three decades.

Her situation is what is called a a mid-life crisis, which refers to the period between age 40 and age 60 when disruptions to life’s routine occur. Job loss, death of loved ones, divorce, health factors, the empty nest syndrome, retrospection and introspection are some features of this phase. It’s not just the concern about one’s mortality but also longevity and financial issues wherein there is a concern regarding if there are enough funds saved for retirement. For some people, the answer is in the negative. Career change is often contemplated at this juncture, and working beyond the normal retirement age is appealing to some employees or pre-retirees. For some, financial security appears out of reach as it has become much harder to save. But, there is hope. As the saying goes, “Where there is a will there is a way.”

According to a report by Organisation for Economic Co-operation and Development (OECD), people at age 65 are expected to live a “further 19.9 years”, therefore, a healthy 55-year-old will require income and financial resources for another 30 years or more. Even if you are at rock bottom, saving and investing is imperative for pre-retirees who have fallen behind on funding their retirement years.

The scenario of the teacher mentioned earlier drives home the point that despite a late start to investing, the decision to take immediate action is a significant step towards financial security. Faced with the probability of spending 20 or more years in retirement, I recommend regular monthly contributions to be made to her investment portfolios. Whenever the occasion arises — such as retroactive payments, bonuses, commissions and redundancies — lumpsums deposits must be considered as a financial priority to boost any retirement nest egg. A proactive plan of action is necessary to guide the way forward and should include a spending budget.

For those who are unemployed or have little or no income, there is still an opportunity to begin. An examination of one’s qualifications, experience, training and talents is crucial to get out of the rut. Assess both intangible and tangible assets.

If there is no luck in the job market then why not create your own opportunity? At age 65 Colonel Harland Saunders, the founder of Kentucky Fried Chicken (KFC), was penniless. During his working years he held numerous jobs and owned a restaurant which eventually closed. But, did he give up? Facing retirement and with his only income being his social security cheque which was reported to be a paltry US$105, he travelled from door to door visiting homes and restaurants to promote his chicken recipe. It is reported that he was told, “No” 1,009 times before his recipe was accepted. I am sure a number of us probably would give up after one week of being told “No.” Colonel Saunders didn’t give up and went on to build a global fried chicken franchise.

The principles of investing — whether in businesses, real estate or the stock market — are all the same. Persistence, patience, perseverance and commitment are the traits of successful investors who take a long-term view of investing in their future.

If you are behind in meeting your financial goals it may not be too late to begin again. An experienced and professional financial advisor can assist.

Grace G McLean is a financial advisor and retirement specialist at BPM Financial Limited. Contact her at gmclean@bpmfinancial or visit the website: www.bpmfinancial.com. She is also a podcaster for Living Above Self. E-mail her at: livingaboveself@gmail.com