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Getting a Late Start on Saving for Retirement: It’s Never Too Late!

Writer's picture: Heather AsteriouHeather Asteriou

If you’re feeling behind on your retirement savings, you’re not alone. Life has a funny way of getting in the way of even the best-laid plans—whether it’s due to career changes, family responsibilities, or simply not knowing where to start. But here’s the good news: it’s never too late to get started, and with the right strategies, you can still secure a comfortable retirement.

Let’s dive into a few practical steps to help you get back on track.


1. Don’t Panic—Start Where You Are

It’s easy to feel overwhelmed when you realize you’ve fallen behind on your retirement savings, but the first step is to take a deep breath. Whether you’re in your 40s, 50s, or even beyond, the key is to focus on what you can do now rather than dwelling on lost time.

Start by assessing your current financial situation. Review your university-sponsored retirement plans—whether that’s through Fidelity or TIAA—and see where you stand. Provizr can provide a free, in-depth portfolio analysis to help you understand the performance of your current investments, fees, and risk exposure​.


2. Max Out Your Contributions

One of the easiest ways to catch up on retirement savings is to contribute as much as you can to your employer-sponsored retirement accounts, such as your 403(b) or 457 plan. If you’re over 50, take advantage of the IRS’s catch-up contributions that allow you to put in extra funds each year​. These are designed specifically for people like you who may have gotten a late start.


3. Cut Unnecessary Expenses

To save more for retirement, you may need to take a hard look at your current expenses. Cutting back on discretionary spending—like dining out, expensive vacations, or subscriptions—can free up more funds to put towards your retirement accounts. Every little bit helps, and those extra contributions will grow over time.


4. Reevaluate Your Investment Strategy

When starting late, it’s crucial to ensure that your investments are working as hard as possible for you. This may mean adjusting your asset allocation to take on a bit more risk, especially if you have a longer time horizon. Diversifying your portfolio can also help smooth out market volatility and position you for long-term growth​​.

At Provizr, we focus on tactical management—an approach that balances risk and reward by rotating between asset classes based on market conditions. This method allows you to take advantage of uptrends while minimizing exposure during downturns​.


5. Consider Delaying Retirement

If possible, working for a few more years can significantly impact your retirement savings. Not only will this give you more time to contribute to your retirement accounts, but it can also allow your investments to grow. Plus, delaying Social Security benefits can result in a higher monthly payment once you do start drawing on them.


6. Leverage Other Income Sources

If you’re worried that your salary alone won’t allow you to save enough, consider other sources of income. Whether it’s starting a side business or picking up freelance work, generating additional income streams can help you make up for lost time​.


7. Get Professional Help

Trying to catch up on retirement savings can be complicated, but you don’t have to go it alone. At Provizr, we specialize in helping university employees navigate their retirement plans, whether you’re with Fidelity or TIAA. Our free Provizr Blueprint offers personalized advice on everything from portfolio performance to risk management​​.

We understand that financial decisions can be overwhelming, especially when you’re playing catch-up, but we’re here to simplify the process. By working with a dedicated advisor, you can create a retirement roadmap that gives you peace of mind and puts you back in control of your financial future.



Final Thoughts

Starting late doesn’t mean you’re out of the game. With discipline, smart investing, and the right guidance, you can still build a solid retirement foundation. Remember, it's not about where you started—it's about where you’re going.

Feeling inspired to get started? Contact Provizr today to schedule your free consultation and make sure you’re on track for the retirement you deserve.

By focusing on strategic moves like maximizing contributions, adjusting investments, and seeking professional help, even late starters can turn their retirement dreams into a reality. It’s never too late to take control of your financial future!

Provizr, LLC is a registered investment adviser in the State of Michigan and separate entity from Fidelity & TIAA. The advisers may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment advisory services. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.  The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

 

Provizr free downloadable guides are designed with University employees in mind.  These free guides will help you better understand your university retirement TIAA and Fidelity 403b accounts, and how to set up your investment portfolios to help reach your retirement goals.  Our guides are designed to help  everyone from university employees who want questions answered about their Fidelity or TIAA retirement account investment portfolios, to those university employees who want to try a do it yourself system of setting up their own retirement investment portfolios.  Our newest guide, Investing 101 for University Employees, was developed specifically to help out University of Michigan employees with their TIAA and Fidelity 403b retirement investment accounts.  If you have any questions feel free to reach out to us in the contact section, or stop by - We are local to Ann Arbor, Michigan but can help University of Michigan Employees anywhere across the country! 

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