Are you confident that you’ve saved enough for retirement? If you’re uncertain, you’re not alone. Many Americans realize later in their careers that they haven’t saved as much as they should have, especially with just a few years left before retirement. According to a recent survey, only about half of Americans feel they’re on track to retire comfortably. However, if you’re behind on your retirement savings, don’t worry—it’s not too late to catch up. Here are three strategies that can help you boost your retirement savings, even if you’re approaching retirement age.

1. Catch Up on Contributions if You’re 50 or Older

If you’re 50 or older, you have a valuable opportunity to make larger contributions to your retirement accounts, which can significantly enhance your savings. The IRS sets contribution limits for retirement plans such as 401(k)s, 457(b)s, and 403(b)s. For 2025, the contribution limit for these plans is $23,500. However, once you reach 50, you can take advantage of catch-up contributions. This allows you to contribute an additional $7,500, bringing the total you can save in a 401(k) to $31,000 in 2025.

Additionally, starting in 2025, SECURE Act 2.0 introduces an option for individuals aged 60 to 63 to make catch-up contributions up to $11,250 to their workplace retirement plans.

For traditional and Roth IRAs, the contribution limit is $7,000 in 2025, with an extra $1,000 catch-up contribution available for those over 50.

2. Make Your Money Work for You

As retirement approaches, it’s important to strike the right balance with your investments. While you don’t want to take excessive risks as you get closer to retirement, it’s also not the time to be too conservative. Your money needs to grow over the next 20-30 years, which means you may still need to take on some investment risk to maximize your potential returns.

Many people in their 50s and 60s shy away from stocks, but avoiding them altogether could limit your retirement income. Reassess your asset allocation to ensure your portfolio isn’t too conservative. This will help you stay on track to reach your retirement goals. If managing investments isn’t something you’re comfortable with, consider investing in a target date fund. These funds automatically adjust their investments as your retirement date approaches, becoming more conservative over time. Some target date funds also follow a “through retirement” approach, maintaining a higher mix of stocks even after retirement to help your money continue growing.

3. Simplify by Consolidating Your Retirement Accounts

If you have retirement savings in multiple accounts, such as old employer plans or IRAs, keeping track of everything can be overwhelming. Consolidating these accounts into one plan can make managing your retirement savings much easier. By consolidating, you’ll only need to monitor one account, simplifying everything from your investments to your tax documents.

One option is to roll over your old retirement accounts into your current employer’s plan. This has several advantages, including better oversight of your investments and potential cost savings on account management fees. Having all your retirement savings in one place allows you to easily ensure that your investments align with your goals. It also simplifies your retirement income planning when the time comes to withdraw funds.

While consolidating may take some effort, the benefits of having all your retirement savings in one account can make a huge difference in your financial planning.

Time Is of the Essence

It’s never too late to start saving more for retirement. If you’re 50 or older, take advantage of catch-up contributions to maximize your savings. Review your investment strategy to ensure your portfolio is still aligned with your retirement goals. Lastly, consider consolidating your retirement accounts to simplify your financial life. The sooner you take these steps, the better prepared you’ll be for a comfortable retirement.