By Brett Gottlieb

They say you’re only young once. Does that mean it’s too late to start saving for retirement? That’s a question that’s bound to provoke anxiety. After all, recent data shows that over a quarter (27%) of Americans age 59 and older have no retirement savings at all.

But no matter where you are in your financial journey, it’s never too late to start saving for retirement. If you’re a little behind in your retirement planning (or just getting started), here are some strategies to give your savings a boost.

Set Clear Goals

When you are saving for retirement, it’s important to have a clear goal. Two big questions you’ll need to answer are:

• What age do you plan to retire?
• What are your plans after retirement?

Answering these questions gives you a target date to shoot for as well as an idea of how much money you’ll need to maintain your lifestyle.

Don’t forget to adjust your retirement goal for inflation. Most Americans now believe they’ll need $1.27 million to retire with confidence—though this will depend on your individual retirement goals. By setting clear goals, you’ll be better able to track your progress as you near retirement.

Consider Delaying Retirement

If you’re behind in your retirement savings, you might consider delaying your retirement a few years. Doing so gives you more time to save, and this may be all the more beneficial if your employer offers matching retirement contributions.

There’s another benefit to delaying retirement. You’ll receive your earned maximum Social Security amount if you retire at age 70. This additional income can supplement your retirement savings and help you stretch your funds during your golden years.

Take Advantage of Catch-Up Contributions

Traditional retirement accounts set limits on how much you can contribute. But once you turn 50, you can take advantage of catch-up contributions. For example, in 2024, a 401(k) plan only allows you to contribute $23,000 annually, but after age 50 you can contribute an additional $7,500, totaling $30,500. Similarly, you can contribute an additional $1,000 to an IRA once you turn 50.

These contribution limits change by the year. As time progresses, it’s important to stay on top of these limits and catch-up allowances to pad your retirement savings as much as possible.

Adjust Your Household Budget to Save More

Saving for retirement may demand some sacrifices. What can you cut out of your current household budget to make room for more savings?

Start by taking inventory of your monthly expenses. Most financial advisors recommend a 50/30/20 approach to household budgeting. In this approach, 50% of your income goes toward your needs (such as your mortgage or utilities), 30% to your wants (such as entertainment), and 20% goes toward your savings.

If you’re spending a lot on things like unused streaming services or gourmet coffees, it may be time to cut back on these “wants” to have more for savings. And if you can pay off debts like your mortgage or car loan, you’ll have even more to divert toward your retirement savings.

Earn Money Past Retirement

According to the AARP, those who work part-time after they retire are happier, and there’s even data to suggest that staying busy can help you maintain healthy brain function. If you’re behind in saving for retirement, a part-time job can provide supplementary income for you and your family.

This doesn’t have to be a high-paying job. Even a simple part-time position can provide enough income to cover some of your post-retirement expenses. Some part-time positions even offer health benefits, which can eliminate one of the largest expenses for retirees.

It’s Never Too Late to Start Saving for Retirement

Right now is the best time to start saving for retirement if you haven’t already. At Comprehensive Advisor, we believe everyone should be able to live the retirement they’ve always wanted. Our team of professionals can help you create a well-thought-out strategy, using a variety of investments and insurance products and services, designed to help you address your financial needs and concerns.

Your dreams matter, and we’re here to help you feel confident in your financial future. To get in touch, email us at info@ComprehensiveAdvisor.com or call (760) 813-2125.

About Our Advisors

Brett Gottlieb is the founder of Comprehensive Advisor and a financial advisor with nearly two decades of industry experience. He graduated from California State University-Chico with two bachelor’s degrees, in business administration and economics, and is Life Insurance licensed in several states. He is passionate about guiding his clients on retirement income planning, helping each client pursue their specific retirement goals, and defending the assets his clients have worked so hard to achieve. Brett is a California native and currently resides in San Elijo Hills with his beautiful wife and three children.

Our team of qualified professionals have experience in the financial service industry, and our advisors hail from some of the largest independent broker/dealers and banking institutions in the country. They have dedicated their professional careers to creating personalized financial strategies for individuals and families who seek successful retirement planning and currently offer investment advisory services through AE Wealth Management, LLC. Our advisors take a common-sense approach to the planning process and work with clients to create a retirement road map to help ensure their assets are protected and they receive the income needed to enjoy their future. Based in Carlsbad, California, they work with clients throughout San Diego County and beyond. Learn more by connecting with Brett on LinkedIn or email them at info@ComprehensiveAdvisor.com.

Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. C.A. Financial & Insurance Services, CA Ins. Lic. #6000262. This material is intended to provide general information and is believed to be reliable, but accuracy and completeness cannot be guaranteed. Investing involves risk, including the potential loss of principal. Any references to protection benefits, safety, security, lifetime income, etc., generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. 2213995 – 2/24