In your 40s and 50s, target your savings and salt away every bonus, increment and windfall in your retirement corpus
Imagine this. Your kid in class eight comes to you in the month of January and says that he’s unprepared for the final exams that are now just three months away. He’s sorry he faffed around all year, but well, it’s too late now, isn’t it? What’s your second reaction? The first is mostly to tell him how irresponsible he is and how, at his age, you were such a paragon of virtue and were studying by night and working by day (all lies, of course, but we adults do pretend to be perfect). Next lungful of breath is expelled in telling him to use the next three months to study night and day and do the best he can. Cut out the movies, the parties, the games, the online chatting and games, and get to it. You don’t find yourself telling him to drop a year and take no action since it is already too late.