Myth Buster

It’s too late for me to set financial goals. (Hint: It’s not.)

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By Donna Hein

You may have heard the old adage: The best time to plant a tree was 20 years ago. The second-best time is now.

There’s a lot of wisdom in these words. “As we get older, and especially later in life, our goals may shift, especially when it comes to our retirement savings,” says Gene Elder, a Thrivent financial professional in Loveland, Colorado. “But it’s never too late to set them.”

Elder identifies two paths to goal setting that people need to consider as they age. The first is: Will you have enough in retirement? The second is: What legacy—which can be financial or the values that guide you—do you want to leave?

If you don’t know if you’re financially on track for retirement, or if you feel like you may not be, this is the perfect time to thoughtfully reflect on your values and priorities. “By setting goals, you have a roadmap to get there as efficiently and frustration-free as possible,” Elder says.

“If you don’t know what’s happening with your money, if you have no plan, you’re going to worry every day if you’re doing it right. If you know where you’re at, it’s a lot less stressful.”

Editor’s Note: Our Spring 2020 issue of Thrivent Magazine featured the article Personal Finance Myths—Busted, which took a closer look at five personal finance myths. Do you have a money myth you want busted? Send your ideas to Thrivent Magazine.