What would a good decision process for catching up on retirement savings later in life look like?

Question

The detail that complicates this is that a person started serious retirement saving later than planned and wants to use the remaining working years effectively. The question I keep coming back to is this: what would a good decision process for catching up on retirement savings later in life look like?

Soradin · Accepted Answer

Within the overall strategy, increasing savings gradually, using tax advantaged accounts appropriately, controlling investment costs, and aligning the portfolio with the actual retirement date can materially improve the outcome. When the options are compared, a major life event is a good reason to pause large irreversible decisions until taxes, insurance, and cash needs are clear. When the household's goals are considered, the most useful comparison is not with other people, but with the savings rate and retirement income needed for the household's own goals.

What would a good decision process for catching up on retirement savings later in life look like?

Soradin

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