More than 1 in 5 Americans regret not saving for retirement earlier. Here’s how to catch up at 30, 40 and 50

If you’re kicking yourself for not saving for retirement sooner, you’re not alone.

More than 1 in 5 Americans (22 percent) say their biggest financial regret is not saving for retirement early enough, according to Bankrate’s 2024 Financial Regrets Survey. In fact, not saving for retirement early enough has been the No. 1 regret among Americans for six out of the seven years Bankrate has asked about financial regrets.

It’s easy to understand why retirement savings often fall by the wayside: Life gets busy, expenses pile up, and before you know it, retirement arrives, whether you’re ready or not. The good news? It’s not too late to turn things around.

Whether you’re in your 30s, 40s or 50s, there are practical steps you can take to catch up and build a more secure financial future.

How to catch up on retirement savings at any age

No matter how old you are, it’s possible to get on track with your retirement savings. The key is to act quickly and consistently.

From maximizing tax-advantaged accounts to generating additional income, there are many effective ways to bulk up your retirement savings before you exit the workforce.

In your 30s

Your 30s are a great time to make aggressive moves that will pay off later. You still have decades for your investments to grow before you leave the workforce, so take advantage of that time — it’s one of your biggest advantages right now.

While financial experts often recommend saving 10 percent of your income, you may need to aim higher — closer to 15 percent — to make up for lost time. As your income grows, resist lifestyle inflation, or the tendency to spend more as you earn more, and increase your retirement contributions instead.

• Beef up emergency savings

  This decade is also the time to bulk up your emergency fund. Life in your 30s usually comes with bigger responsibilities — maybe a mortgage, a growing family or other financial obligations.

  While a one- to three-month emergency fund may have sufficed in your 20s, aim for at least six months’ worth of expenses to safeguard against unexpected financial shocks. After all, missing a mortgage payment is much more detrimental to your financial well-being than skipping rent. A solid emergency fund can give you a healthy buffer and provide peace of mind if you hit hard times.

• Maximize retirement contributions

  If you’re earning more now, maximize contributions to your retirement plan. Contribute as much as possible to your 401(k) or similar workplace retirement plan. In 2025, the contribution limit for 401(k)s is $23,500 for those under age 50.

  Many plans also let you set up automatic annual increases in your contributions, which means your savings grow effortlessly as your income rises. And when you get a raise, direct a sizable portion to your retirement account before lifestyle inflation creeps in.

• Open an IRA

  If your employer doesn’t offer a retirement plan or you simply want to stack up even more money, open a Roth or traditional IRA.

  In 2025, you can contribute up to $7,000 to a Roth or traditional IRA if you qualify.

  A Roth IRA in particular can be a smart move for younger savers because earnings grow tax-free. If you don’t qualify for a Roth IRA due to income limits, traditional IRAs still offer tax-deductible contributions and tax-deferred growth.

• Get aggressive

  Finally, invest aggressively. Remember, in your 30s, you still have decades for your money to grow, making a portfolio with 80 to 90 percent in stocks a risk-appropriate allocation. Consider index funds or exchange-traded funds (ETFs) to diversify your stock holdings.

  The market will have ups and downs, but time is on your side. Stay committed, and your long-term gains will outpace short-term volatility.

In your 40s

Hitting your 40s can feel like a wake-up call for retirement planning. But there’s still time to build a solid nest egg. This decade is all about making strategic decisions and maximizing potential savings.

• Consolidate accounts and accelerate savings

  Start by consolidating your retirement accounts. If you’ve changed jobs over the years, you may have old 401(k) plans sitting idle with an old employer, collecting dust. Roll them into an IRA or your current workplace 401(k) to simplify money management.

  While you’re at it, assess your current 401(k) contributions and aim to exceed the recommended 15 percent of your income if you’re behind. Even a modest bump in your contribution rate can lead to a substantial boost to your nest egg over time.

• Knock out your debt

  This decade is also an ideal time to tackle high-interest debt. Credit card balances can be a huge roadblock to saving for retirement — sky-high interest rates can eat up disposable income you could otherwise funnel to your 401(k) or IRA.

  Consider a no-fee balance transfer card with a 0 percent interest period to give yourself some breathing room while paying down the principal on your debt.

  After eliminating your debt, redirect the same amount you were using for payments into your retirement savings.

• Stay aggressive

  When it comes to investments, don’t get overly cautious. You still have 20 or more years for your money to grow, so maintaining an aggressive asset allocation with around 80 percent in stocks and the rest in bonds or other low-risk investments is a smart move.

  While market fluctuations can be nerve-wracking, stocks historically deliver strong long-term returns. Stay diversified and resist knee-jerk reactions when the market nosedives.

• Prioritize retirement over college savings

  If you have children, balancing college savings and retirement planning can be tricky.

  While it’s natural to want to prioritize your kids, remember they have more options for funding education — including scholarships, grants and loans. You, on the other hand, can’t borrow for retirement or apply for a scholarship.

  Make sure your own financial future is secure before diverting significant funds toward future college expenses.

In your 50s

Once you hit your 50s, retirement is right on the horizon. Don’t make the mistake of investing too conservatively or take your foot off the gas when it comes to contributions. These years are your last big push to fortify your savings.

• Take advantage of catch-up contributions

  Reaching your 50s might feel like the final stretch, but it’s not too late to boost your retirement savings. One big advantage you have is the ability to make catch-up contributions.

  In 2025, individuals aged 50 and older can contribute an extra $7,500 annually to a 401(k) and an extra $1,000 to an IRA. These additional contributions can really beef up your nest egg while also reducing your taxable income.

• Don’t abandon aggressive investments in your portfolio

  Being aggressive with your investments in your 50s is key. For example, a couple contributing $10,000 each year to their 401(k)s could accumulate around $180,000 in seven years with a 7 percent annual return.

  But to achieve that kind of growth, your portfolio needs to maintain a healthy allocation to stocks. While shifting some funds into bonds or other conservative investments makes sense as you near retirement, don’t get too risk-averse. While bonds offer stability, they generally yield lower returns, making a stock-heavy portfolio essential for reaching your goals.

  Even after retirement, maintaining a diversified portfolio with stocks can help your savings last longer.

• Develop a retirement budget

  Determining how much you’ll need in retirement requires an honest look at your future potential expenses and income streams. That’s why creating a realistic retirement budget is so essential.

  While some people assume they’ll spend less in retirement, that’s not always the case. Lifestyle choices, travel plans, health care costs and supporting adult children can all add up quickly.

  After mapping out your sources of retirement income and potential expenses, reevaluate your current budget and identify some areas where you can cut back. Even small adjustments, like dining out less or canceling unused subscriptions, can make a difference.

  This is also a good time to consider whether you really need that big house or expensive car. Downsizing your living situation can free up much-needed cash to channel into your retirement accounts. Remember: Every extra dollar directed toward retirement can make a meaningful difference down the road.

• Earn more money

  If you’re struggling to max out contributions to your retirement plan, start exploring ways to boost your income.

  A side hustle, freelancing or consulting can provide extra cash. With flexible schedules and the ability to work on your own terms, these side gigs can fit in nicely alongside your current career.

  You might also consider passive income ideas, such as renting out your home on Airbnb when you’re on vacation.

• Speak with a financial advisor

  To get a clearer picture of where your savings stand, consider working with a financial advisor who can help estimate your needs and create a realistic budget.

  A professional financial advisor can also help fine-tune your overall strategy, maximize your retirement income and navigate tax-efficient withdrawal plans. While it’s always beneficial to seek guidance from an advisor, the investment is especially worthwhile in your 50s to ensure you’re on track.

Bottom line

Not saving for retirement earlier is a common regret, but if you’re still in your 30s, 40s or 5os, you still have some time to get yourself in a better position. The key is to act now. Maximize your contributions, rein in your spending, invest wisely and explore ways to increase your income.

By making intentional financial decisions today, you can build a more comfortable and secure retirement tomorrow. The best time to start was yesterday — the next best time is now.

Methodology

The Bankrate Financial Regrets survey was conducted by YouGov Plc. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,355 adults, of whom 1,822 have a financial regret. Fieldwork was undertaken between July 16-18, 2024. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection, followed by a sample matching process and then a weighting scheme on the back end designed and proven to provide nationally representative results.