Think You’re Too Late to Catch Up on Retirement? You’re Not
If you’re in your 50s or early 60s and feeling behind on retirement savings, I want to say this plainly: it’s not too late.
Starting late doesn’t mean starting over. And more often than not, it means starting from a stronger foundation than you think–especially if you focus on a few of the moves that matter most right now.
This is personal for me. Some of my closest friends have pulled me aside and admitted they feel behind. They worry it’s “too late” to fix it. They don’t tell their families. And the message I always share is the same: don’t let fear stop you from taking smart action now.
Four Moves That Make a Difference
1. Catch-Up Contributions Give You a Real Edge
If you’re 50 or older, you’re allowed to contribute more to your retirement accounts–and this is one of the smartest ways to accelerate your savings.
For 2025, the IRS lets you contribute up to $30,500 to a 401(k), including a $7,500 catch-up. You can also put up to $8,000 into an IRA if you’re eligible. And if you’re self-employed, options like a Solo 401(k) or SEP IRA may allow you to contribute even more.
This is a big deal. If you consistently max out those catch-up contributions over 10 years, you could potentially add hundreds of thousands of dollars to your nest egg–plus investment growth.
2. Get Rid of High-Interest Debt
Every dollar you put toward a credit card with a 20% interest rate is exactly the same as earning a 20% guaranteed return. That’s why paying off high-interest debt is one of the most powerful and underrated financial moves you can make in your 50s.
Eliminating this kind of debt not only boosts your net worth–it also frees up more cash for investing and lowers the financial pressure heading into retirement.
3. Make Sure Your Investments Match Your Lifestyle
This is where people often get tripped up. Just because you’re getting older doesn’t mean you need to dump all your stocks or suddenly go ultra-conservative. What you really need is an investment strategy that aligns with your actual goals and income needs–not just your age.
How long do you want your money to last? When will you start drawing income? Are you planning to keep working part-time or downsize? These questions shape your portfolio far more than a generic target date fund.
This is also a moment when a great fiduciary advisor can make a huge difference–helping you create a smart glide path that balances growth and stability.
4. Automate and Simplify Your Savings
Don’t underestimate the power of small, steady actions. A $500 monthly contribution to an IRA or brokerage account can grow to more than $100,000 in 10-12 years.
The easiest way to stick with it? Automate it. Set up recurring transfers and let the system do the work. Automation turns intention into action–and over time, that builds serious momentum.
Have questions about your financial situation? Take my 2-min survey.
Here’s the Bigger Picture
According to Vanguard, the average 55–64 year-old has about $189,000 saved for retirement. That’s far below what many people think they’ll need. But that number doesn’t define you. Your saving rate, your spending habits, your debt load, and your ability to make intentional changes now will have a much bigger impact.
The people I see succeed didn’t all start early. They just stopped stalling. They made small course corrections–and they stuck with them.
You don’t need perfect timing. You need a plan. You need consistency.
And you need to believe that starting late can still mean starting strong.
I’ve seen it happen over and over.
If you’re reading this because you’re preparing for that first conversation — or thinking about it — you’re already doing something powerful: you’re taking ownership of your financial life.
When you’re ready, Wealthramp is here with a curated network of fiduciary, fee-only advisors who work for you and only you.
You can explore matches quietly and privately anytime.