How to Catch Up on Retirement Savings in Your 60s

If you are in your 60s and feel like you have not saved enough for retirement, you are not alone. Many people realize they need to catch up on their retirement savings in their 60s. While it may seem daunting, there are strategies to boost your savings in the final stretch before retirement. By maximizing contributions, rethinking your budget and making smart financial decisions, you can significantly improve your financial outlook. This is how to catch up on retirement savings in your 60s.

A financial advisor can help you create a personalized plan for retirement. 

How Much Should I Have Saved for Retirement?

When you are in your 60s, financial experts recommend having 8 to 11 times your annual salary saved for retirement. This estimate is based on the idea that you will need to replace about 70-90% of your pre-retirement income to maintain a comfortable lifestyle. So if you earn $100,000 per year, you should have saved between $800,000 and $1,000,000 for retirement.

However, the amount you need to save for retirement is unique to you. Factors like your lifestyle, expected retirement age, health care costs, and other personal circumstances affect the bottom line. It is important to have a clear projection of your retirement expenses when setting your goals. Things like housing, healthcare, travel and leisure activities all contribute to the estimate of how much you will need. SmartAsset’s retirement calculator can help you estimate your retirement savings goal based on your specific financial situation and goals.

How to Catch Up on Retirement Savings in Your 60s

If you are falling short of this target, do not panic. There are steps you can take in your 60s to catch up on your retirement savings. This might involve making catch-up contributions to retirement accounts, adjusting your spending habits or finding other ways to boost your income. The key is to act now. Don’t wait to create a plan that aligns with your goals and timeline.

If you are looking to catch up on your retirement savings in your 60s, there are several effective strategies you can use to boost your nest egg.

Automate Savings

Automatic contributions to your retirement accounts can help ensure that you are consistently saving without needing to think about it. By automating your savings, you can make steady progress toward your goals. It also minimizes the temptation to spend the extra income elsewhere.

Reduce High-Interest Debt

Paying off high-interest debt, such as credit card balances or personal loans, can free up money for retirement savings. The faster you eliminate these debts, the more cash flow you’ll have to allocate toward your retirement accounts.

Maximize Catch-Up Contributions

One of the best ways to catch up on savings is to take advantage of catch-up contributions. These are allowed for retirement accounts like 401(k)s and IRAs. In 2026, those aged 50 and older can contribute another $8,000 to their 401(k). This is on top of the standard $24,500 limit for a total of $32,500. For IRAs, the catch-up contribution allows an extra $1,100 for 2026 on top of the $7,500 limit. ¹ Maximizing these contributions can significantly boost your retirement savings quickly.

Delay Retirement

If possible, consider delaying your retirement by a few years. Working longer allows you to continue earning an income. During this time, you can also continue to contribute to your retirement accounts while delaying withdrawals. Postponing retirement also allows your investments more time to grow, increasing the overall value of your nest egg.

Consider Downsizing

Downsizing your home or reducing other large expenses can free up significant funds that can be directed toward retirement savings. Selling a larger home for a smaller, more affordable one can reduce housing costs. It can also provide extra cash that can be invested or used to pay off debts.

Other Considerations to Make for Retirement

It’s not just about savings. Here are other steps you can take in your 60s to ensure a secure retirement.

Delay Claiming Social Security

One of the most effective ways to maximize your retirement income is to delay claiming Social Security benefits. Technically, you can start collecting benefits as early as age 62. But waiting until your full retirement age (typically between 66 and 67), or even delaying until age 70, significantly increases your monthly benefit. For each year you delay past your full retirement age, your benefit increases by approximately eight percent.

Consider Part-Time Work

If retiring completely at 65 or earlier is not feasible, consider working part-time. Earning additional income, even at a part-time job, can reduce the need to dip into your retirement savings. This also gives you more time to grow your investments. Plus, staying active in the workforce can keep you engaged and help cover healthcare costs before you are eligible for Medicare.

Assess Healthcare Needs

Healthcare can be one of the biggest expenses in retirement, so it is important to plan for these costs. If you have not already, consider contributing to a Health Savings Account (HSA) if you are still working and have a high-deductible health plan. HSAs offer tax advantages and can be a great way to cover healthcare costs in retirement.

Reevaluate Your Investment Strategy

As you get closer to retirement, it is important to reassess your investment strategy to ensure it aligns with your retirement goals. Many financial advisors recommend shifting to a more conservative investment approach to protect your savings from market volatility. However, it is also important to maintain some growth-oriented investments. These keep up with inflation and ensure your money lasts throughout retirement.

How an Advisor Can Help You Catch Up on Savings in Your 60s

Catching up on retirement savings in your 60s requires more than contributing more money to existing accounts. A financial advisor can evaluate your complete financial picture, including income, expenses, debt, existing savings, and expected Social Security benefits. Using this data they will build a plan that is realistic to your retirement timeline. That comprehensive view is difficult to construct yourself and errors at this stage carry consequences that are hard to reverse.

One of the most valuable things an advisor can do is help you prioritize decisions about whether to pay down debt, maximize catch-up contributions, delay Social Security, and more. An advisor can model the likely outcome of each option and recommend a sequence-of-returns that produces the best result.

Tax strategy becomes increasingly important in your 60s, particularly for retirees who will draw income from multiple sources. A financial advisor working with a tax professional can determine the most efficient withdrawal strategy. Getting that sequencing wrong can cost thousands of dollars annually in avoidable taxes.

An advisor can also stress-test your plan against variables that are easy to underestimate, including healthcare costs, inflation, and the possibility of a significant market decline early in retirement. For someone with a smaller portfolio, any one of these factors can derail an otherwise reasonable plan. Building in contingencies before retirement begins is far more effective than reacting to problems after they arise.

The emotional dimension of being behind can lead to either avoidance or panic. An advisor provides structure and accountability, helping you stay focused on a plan rather than reacting to market headlines or making last-minute changes driven by anxiety. At this stage, consistency and clarity matter as much as the financial strategy itself.

Bottom Line

Catching up on retirement savings in your 60s is all about having the right strategies and taking the time for careful planning. By maximizing catch-up contributions, delaying retirement and considering other financial adjustments like downsizing or part-time work, you can boost your nest egg and improve your financial outlook. Additionally, making smart decisions about when to claim Social Security and managing healthcare costs can have a big impact on your retirement income. With a focused approach and timely actions, you can catch up and enjoy a secure and comfortable retirement.

Tips for Retirement Planning

• Planning for retirement can be difficult because while it starts with a plan there is a lot to figure out along the way to make sure you actually reach your goals. A financial advisor has the expertise you need to help you create the right retirement plan and to help you manage your assets to make sure you get there. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Consider using a retirement calculator so you can estimate how much you might need to retire in the way you prefer.

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