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Retirement catch-up for late starters

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RETIREMENT CATCH-UP FOR LATE STARTERS

1. Retirement catch-up for late starters

2. Calculate retirement needs

3. Income sources in retirement

4. Mind the retirement gap

5. Max out 401(k) contributions

6. Other retirement savings vehicles

7. Taxable investment accounts

8. Trim expenses

9. Invest more aggressively

10. Retire later or work during retirement

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Mind the retirement gap

A retirement savings gap is the difference between current savings and what you’ll need to reach your goals. Hopefully, your expected retirement income sources will be more than enough to support you in retirement. However, if it appears that you will have a shortfall, start taking action now to narrow that gap.

Here are some steps you can take:

1.	Max out contributions to your employer-sponsored retirement plan
2.	Take advantage of other retirement savings vehicles
3.	Explore taxable accounts for additional retirement savings
4.	Trim your expenses
5.	Consider investing more aggressively
6.	Consider retiring later and working during retirement

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