If you started your retirement savings five, 10, 15 or even 20 years late, it’s still worth the effort to catch up.
Start by taking advantage of your retirement account’s catch-up contributions policy. People over 50 can contribute an additional $6,000 a year to a 401k or $1,000 to an IRA. You can also downsize to a smaller home and find unconventional ways to make more money.
And remember, you’re not the only one who’s behind on retirement savings. A 2017 GOBankingRates survey found that more than half of Americans will retire broke. Hopefully, that gives you the motivation to start planning for retirement today.