If you don't start setting aside money for retirement by the time you turn 40, you may need to rethink your long-term plan.
At 40, "you really have to start thinking about solving this challenge with more than just figuring out how to save more," she tells CNBC Make It.
"You either have to keep earning money or you have to stop consuming or radically change what you consume during retirement."
That may involve making bigger changes to your retirement lifestyle, such as downsizing your home, moving somewhere with a lower cost of living, not traveling as much or even working longer.
"You're taking choices away from future you if you don't save when you're young," Lester says.
Persons:
Anne Lester, Lester
Organizations:
CNBC