What to Do When You're 50 and Behind on Retirement Savings
What happens when you hit 50 and realize retirement savings took a backseat? In this video, Russell Rivera shares how one client turned that moment of panic into a plan of action. He walks through strategies like catch-up contributions and investment adjustments that can make a real difference when you're starting later than you'd hoped.
Topics Discussed:
Realizing you're behind on retirement savings
How one client went from panic to a plan
Catch-up contributions and tools for your 50s
Adjusting your investment strategy closer to retirement
Transcript:
Hey everybody. I'm Russell Rivera and welcome back to Sidewalk Talk. Today we wanted to talk about something that sneaks up on a lot of us: retirement.
Retirement might not seem that far off, but as you approach 50, it starts to feel a lot closer. For many, that realization can be pretty daunting, especially if you haven't saved as much as you might've liked. I recently started working with a 50-year-old professional here in New York City and in this exact situation. They were focused on their career, family, and retirement savings took a backseat. One day they realized they had saved very little for retirement and panic set in. But instead of letting fear take over, they decided to take action and sought out professional financial advice.
It's never too late to start saving for retirement. And the good news is there are strategies to catch up, even if you're starting later. We helped this client prioritize their savings, maximize their contributions to retirement accounts, and adjust their investment strategy to align with their goals. We also looked into potential catch-up contributions and other tools specifically designed for those in their 50s and 60s.
If you're feeling a little nervous about your retirement savings, don't wait. Start planning today. Whether you're just beginning to save or need to catch up, we're here to help you create a plan that works for you. Reach out to us at voicewealth.com to schedule a consultation and take control of your retirement future. Thanks for watching, and we'll see you next time.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.
