Is Your Retirement Account Lagging? Realistic Steps to Help You Catch Up

Millions of Americans struggle to get ahead financially. In fact, most have fallen behind when it comes to retirement savings. Those who are nearing retirement and who are between the ages of 55 and 64 have a median of just $30,000 saved for their golden years, according to the National Institute on Retirement Security.

If you have also struggled to save, here are some realistic steps that can help you boost the size of your nest egg.

Make catch-up contributions

Leaders in the federal government are well aware that many Americans struggle to save. For that reason, they have established "catch-up" contributions for those who are 50 or older.

If you are at least 50, you can contribute an extra $8,000 to a 401(k) plan or an extra $1,100 to an IRA during 2026. The news is even better for those between the ages of 60 and 63: They can contribute an extra $11,250 to a 401(k).

Max out your health savings account

A health savings account is a tax-advantaged tool that allows you to save money for health care expenses. Many people dip into these accounts to pay for current medical costs.

However, others leave the money untouched for years or decades. They plan to use the cash to pay for health care costs during retirement. Many HSA plans allow you to invest this money in the stock market, which offers the potential for robust growth.

In 2026, the contribution limits for an HSA are $4,400 for those with individual coverage or $8,750 for those with family coverage. If you are 55 or older and are not enrolled in Medicare, you can contribute an extra $1,000 as a catch-up contribution.

Delay retirement

Financial professionals will often sing the virtues of working just a little longer so you can fortify retirement savings. Each extra year that you work allows you to save more and to avoid dipping into your retirement savings a little longer. Delaying retirement by just one year offers benefits, but the advantages can multiply exponentially if you continue to work for several additional years.

Redirect tax refunds and bonuses to an IRA

When money unexpectedly finds its way into your wallet, it can be tempting to spend it all. But you will be much better served by redirecting some or all of that cash into retirement savings.

The impact can be particularly powerful on your retirement savings if you repeat the strategy each time you get a tax refund, a bonus at work, or money for your birthday. After several years of doing this, you likely will have saved a tidy sum.

Wait to claim Social Security

Most workers are eligible for Social Security at age 62. But if you file for benefits at that age, your monthly payout will be permanently reduced. In fact, your benefit could be up to 30% lower than if you wait until full retirement age to claim. For most folks, that is age 67.

To get the biggest monthly payout, delay filing until age 70. Once you turn 70, there is no financial advantage to waiting any longer to file.

Find a second job or develop a side hustle

Perhaps the quickest and surest way to boost your retirement savings is to increase your income. So, consider picking up a part-time job or developing a side hustle.

Once you do, direct as much of your income as possible to retirement savings. If you are currently able to live on the salary from your main job without going into debt, you will likely be able to put 100% of the extra pay from part-time work toward your financial future.

Plug holes in your budget

Some of us keep paying for subscriptions we never use. Others eat in restaurants three nights a week when just one night is probably enough. Look for the places in your life where you overspend and put a halt to such behavior. Then, earmark the money you have saved for retirement.

Continue to invest in the stock market or real estate

Investing almost always comes with some degree of risk. That is true whether you buy stocks or invest in rental real estate. But in many cases, the willingness to take such risks results in a big payoff — namely, a much bigger nest egg.

There are no guarantees, of course. You could end up losing money for a time, or even permanently. So, tread carefully here. It might be wise to craft an investment plan with a financial advisor.

Bottom line

If you are lagging in retirement savings, don't get discouraged. No matter how late you begin, you can always improve the situation. So, start investing today if you haven't done so before. And if you are already a veteran investor, it's time to up your game. When it comes to saving for the future, there is no time like the present.