How to catch up on your retirement savings

Reaching your 50s can be a milestone filled with confidence and experience — but for many Americans, it also comes with an uncomfortable realization: retirement is closer than ever, and savings may not be where they need to be. Whether due to job changes, medical expenses, family obligations, market downturns or simply the time constraints of life, millions of people enter their 50s feeling behind on their long-term financial goals. And that can create a mix of stress, uncertainty and tough questions about the future.

At this stage of life, the margin of error naturally narrows. There’s less time for investments to compound, fewer working years to make large contributions, and greater pressure to balance competing priorities — like supporting aging parents, helping adult children or preparing for potential health care costs. Many people also discover that their expected Social Security benefits may not cover as much as they assumed or that inflation has dramatically increased the amount they’ll need to maintain their lifestyle in retirement.

Catching up can feel daunting because financial circumstances in midlife tend to be more complex. Income may be at its peak, but so are expenses. Debt — from mortgages, student loans for children or even lingering personal loans — can limit the ability to save aggressively. And for those who experienced layoffs or career interruptions, rebuilding momentum can take time. Add in the uncertainty of market volatility and evolving tax laws, and it’s easy to understand why so many people feel overwhelmed.

The good news is that being behind is far more common than most people think — and it’s not a permanent condition. Understanding the challenges is the first step toward taking control. In this video, Bryan Jepson, M.D., CFP, talks about how you can catch up your retirement savings.