If you are late at the starting post in planning for retirement, it might not be enough to take comfort in the fact that 46 per cent of the world's populace is doing the same.

Ideally, one should start planning for retirement early.

Still, according to Garfield Coke, a financial adviser based in Kingston, late bloomers can plan successfully, although they should take note of the typical pitfalls.

A recent Ernst & Young retirement-planning survey done on adults over age 55 revealed:

47% did not calculate the effect of inflation.

81% did not consider the possibility of their parents getting ill.

54% did not plan for personal illness.

53% did not plan for the illness of a spouse.

66% did not consider fluctuations on debt-repayment needs, such as loans, mortgage, etc.

The conclusion would be that most people approach retirement unrealistically.

The survey further revealed that 49 per cent would become better educated about retirement products and services if they could go back in time.

Retirement success is not a mystery. It requires a formula, said Coke.

"The economy doesn't have to affect you, and your education level plays no part in achieving the lifestyle and retirement success you need," he said.

If you only have 10 or so years to go, here are three strategies that can work if properly effected:

1. Explore real-estate income

If you already own your home, now is the time to explore the option of reconfiguring the residence to facilitate future rental-income earnings.

Consideration can be given to exploring the possibilities of transforming your home into lovely studio apartments, or just shared space for good purchasers or renters.

Caution and due diligence must be followed before signing off on this venture. Your residence can also be used as a showroom for art work and other products of hobbies, which can be income earners.

2. Keep costs down

Simplicity of lifestyle can contribute greatly to your retirement planning.

The formula for success is to stick within a realistic budget plan that accounts for each dollar spent and thus, frees more money for savings.

A habit of purchasing necessary lifestyle items only, must be formed, with realistic limits placed on entertainment spending as well.

Your aim is to scrimp and save every cent to put into your retirement account.

3. Find investments with defined end results

This involves the necessary investment in short- to medium-term assets or securities tailored to create a specific calculated guaranteed lump sum at the end of a specified period.

This will include money-market instruments and life insurance, which can provide annuities and critical-illness protection.

Note also that your retirement plans may be as good as your financial adviser.

A proper analysis must be done to provide the desired end results.

The strategies suggested are just a few areas in which retirement planning can be executed.

Start thinking and planning for it long before your boss does on the day he gives you a gold watch or farewell luncheon and waves goodbye.

avia.collinder@gleanerjm.com