Matt Dapore

1 year ago · 1 min. reading time · ~10 ·

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Retirement Planning for Late Starters

Retirement Planning for Late Starters


Matt Dapare

Are you a retirement late starter? Maybe you took a while to get established in your career or had pressing financial matters. Either way, there are several strategies you can employ to catch up. Have a comfortable retirement by following these methods.

Seek a Higher Rate of Return

You probably have a large deficit between where you are and where you need to be. Having a higher rate of return will help you catch up.

There are multiple ways you can do this. Avoid the temptation to just put your money in savings accounts or CDs. You’ll barely be able to beat inflation with these methods.

Many retirement advisors suggest a mix of bonds and stocks. Stocks, in the long run, have higher rates of return. However, they’re also more volatile. To catch up, have a high percentage of stocks. Just don’t sell during market crashes.

Save more

You’ll want to make more contributions. Take advantage of the 401k offered by your company. Many businesses offer some sort of savings match. Max it out.

There are also assorted government savings programs like the Roth IRA that you can utilize as well.

Expect to Work Longer

This might be the unfortunate reality for some. It’s not as bad as you think though, as life expectancies have greatly increased over the years. You can still have a great retirement. Additionally, you might be able to downshift to part-time.

There are three benefits to working longer. You’ll have fewer years you need to save for, you add money to your savings every year and your assets have more time to compound.

Cut Expenses

You need to be realistic. Have an honest talk with your partner. You’ll need to make some decisions.

Think about moving to an area with a lower cost of living. Rural areas can be great places to live.

Start driving a used car. Modern used cars are quite reliable and often drive as well as new. You can get them at a fraction of the price of a new one.

Take a look at all your subscription payments. These include periodicals, apps, gaming, and streaming. They might seem small but they add up since they’re recurring. There are probably some you barely use. Cancel them.

Don’t worry if you’re a retirement late starter. You can still catch up.


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