Dear Fran,
I’m 50 and haven’t saved nearly enough for retirement. Now that I’m getting closer to retirement age, I’m starting to panic. Is it too late for me to catch up, and what can I do to make up for lost time?
Sincerely,
Late Saver
Dear Late Saver,
It’s never too late to start building your retirement savings! Fortunately, there are ways to catch up, especially as you approach 50. First, take advantage of the catch-up contributions allowed for retirement accounts in your jurisdiction.
Consider working with a financial advisor to adjust your investment strategy, particularly if you need to take on a bit more risk to achieve your retirement goals. Focus on maxing out your retirement accounts and, if possible, look for ways to boost your income, like taking on freelance work or a part-time job.
You might also consider delaying retirement by a few years, which will give you more time to save. The key is to stay focused and consistent—every contribution will get you closer to your goal.
You’ve got this!
Fran
