One should start saving for retirement as soon as one starts working. But then what when you did not do the whole saving thing when you where young and suddenly starting to save when you are 40-50?

The smartest way to invest is to take higher risk when you are young, then take lower risk when you are closing in on the period when you need to use that money.

A natural mentallity for people is to start to rush things when you are behind. People want to catch up with the time lost.

Rushing and being inpatient in investing is definitly a recipe for failure. One way of catching up is to increase the risk. If that hightech stock just doubles one more time. But that tactic is not smart, since a person’s standard of living in the pension years rely on this money it is smart to make sure that the drawdowns will not be big. When starting saving late in life one must not take more or less risk than what is recomended (Risk and Asset profile based on your Age). When a person is young he can take the drawdowns since he can work and have a longer timeframe on the investment.

One simply have to accept the fact that one started late saving and make the best of the money one has.