Starting retirement planning at age 40 can be daunting, as many individuals realize the urgency too late. A survey highlighted that 75.5% of Indians aged 40-60 do not have a comprehensive retirement plan. Those who begin saving at 40 must save nearly five times more monthly compared to those who start at 25, illustrating the impact of lost compounding. To effectively plan, individuals should estimate their future expenses, aiming for a retirement corpus of 30-35 times their anticipated annual expenses. Equity mutual funds are recommended for their growth potential, while automation of savings can help ensure consistent contributions. It's also essential to prioritize retirement over other financial goals and consider working longer if necessary. Financial advisors suggest maintaining a diversified portfolio, including options like the National Pension System (NPS) for tax benefits and stability. Ultimately, early and strategic planning can significantly alleviate the financial pressures of retirement.