6 Financial Planning Strategies for Late Savers in Delaware and Maryland

Don’t Panic. Just Plan.

Let’s be honest—life happens. Maybe you were focused on raising a family, building a business, or simply didn’t have extra funds to stash away for retirement earlier in life. If you’re in your 40s, 50s, or even early 60s and wondering if you’re too late to start saving for retirement, we’ve got good news: It’s not too late. In fact, with the right moves, you can still make significant progress toward a comfortable retirement.

At B.I.G. Investment Services, we specialize in financial planning in Delaware and Maryland, helping people just like you build smart retirement strategies—no matter when they start. This guide walks you through 6 powerful strategies focused on financial planning for late savers, packed with realistic steps, insights, and encouragement.

Let’s dive into what you can do—starting today.

The Challenges of Starting Retirement Savings Late

If you’re starting your retirement savings later than you’d like, you’re not alone. Many people find themselves in this situation due to unexpected life events, career changes, or simply prioritizing other financial obligations early on.

Some common obstacles include:

• Lost Time: With fewer years to save, you miss out on the long-term power of compounding interest.

• Balancing Competing Goals: Saving for retirement while paying off debt, supporting family, or covering daily expenses can feel like a juggling act.

• Catch-Up Pressure: The urgency to save quickly can lead to stress or uninformed financial decisions.

The key challenge for late savers is time—but with the right strategies, you can optimize your remaining years to supercharge your savings and create a secure retirement plan.

Max Out Retirement Contributions—And Then Some

When time is not on your side, maximizing your savings potential is crucial. That’s why contributing as much as possible to tax-advantaged accounts like 401(k)s and IRAs is one of the top catch-up retirement strategies.

The IRS allows workers over age 50 to make “catch-up contributions” to their retirement accounts. If you're behind on savings, this is your chance to hit the gas:

• 401(k) or 403(b): For 2025, you can contribute up to $23,000 if you’re over 50 (including the $7,500 catch-up).

• IRA: You can contribute $7,500 annually if you’re over 50 (including the $1,000 catch-up).

• HSA (Health Savings Account): If you’re 55 or older, you can add an extra $1,000 to your HSA annually.

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Tip: If your employer offers a 401(k) match, be sure to contribute enough to earn it—it’s essentially free money.

These contributions add up quickly, especially with compounding interest. Even a few years of aggressive savings can have a big impact on your retirement outlook.

Financial Planning for Late Savers: Reevaluate Your Retirement Age and Lifestyle

Part of retirement planning for late starters is being flexible. That might mean:

• Delaying retirement by a few years to save more and reduce the number of years you’ll need to rely on savings.

• Downsizing your home or relocating to a lower-cost area in Delaware or Maryland.

• Considering a part-time role or consulting work during early retirement years to help bridge income gaps.

Adjusting your expectations now can help you retire more confidently later. And often, these shifts lead to a simpler, more fulfilling lifestyle.

Leverage Employer Benefits

If you have access to an employer-sponsored retirement plan, use it to your full advantage. Employer programs often include some of the most practical tools available to late savers.

Maximize Employer Matching Contributions

Here’s the deal: Many employers match 401(k) contributions up to a certain percentage of your salary. That’s free money. Yes, free.

Let’s break it down: if your employer offers a 100% match on 3% of your salary and you contribute that 3%, they’ll double your money. That’s an instant 100% return. Why leave that opportunity on the table?

Even if you're starting late, every little bit counts. By simply contributing enough to get the full employer match, you’re supercharging your savings without any extra heavy lifting.

Check Out Additional Perks

Maybe your employer offers more than just a 401(k). Have you looked into perks like health savings accounts (HSAs), stock options, or profit-sharing plans? These can be incredible tools for boosting your retirement fund or simply strengthening your overall financial safety net.

HSAs, for instance, offer triple tax advantages when used for qualified medical expenses or even as a long-term savings vehicle.

Stock options or profit-sharing can also be a fantastic way to see your savings grow, especially if you believe in the company you work for. The bottom line? Take a close look at what’s available. You might be surprised at how much untapped potential is sitting right there in your benefits package.

Invest Aggressively (But Strategically)

If you’ve gotten a late start on saving, don’t panic—you’re not alone. The good news is that it’s never too late to take action. One way to catch up is by adopting a more growth-focused investment strategy. Yes, it comes with more risk, but with thoughtful planning, it can help you make up for lost time.

Think Growth, Not Just Safety

If most of your savings are sitting in overly conservative investments like cash or bonds, it might be time to shift gears. Consider reallocating toward growth-oriented options like stocks. Stocks can deliver higher returns over the long run, which is exactly what late savers need.

That said, diversification is key. Spread your investments across different sectors, industries, and regions to balance risks. It’s not about putting all your eggs in one basket—it’s about creating a portfolio that works as hard as you do.

Not a fan of market volatility? That’s okay. You can still target higher returns without feeling like you’re gambling. A financial advisor can help you build an investment strategy that aligns with your goals and risk tolerance. The idea is to find the sweet spot: a plan that pushes your savings to grow while still letting you sleep at night.

Prioritize Debt Repayment Strategically

Balancing debt reduction with retirement saving is key, especially for late starters. Eliminating high-interest debt can free up cash flow to focus on building your nest egg.

Knock Out High-Interest Debt First

Let’s face it—high-interest debt, like credit cards or personal loans, is a drain on your finances. The interest you’re paying is likely a lot more than what you’d earn from investments. Start by targeting these debts first. Pay as much as you can above the minimum payment to knock them out faster. Once they’re gone, you’ll have more breathing room (and cash) to focus on saving for retirement.

Keep an Eye on Low-Interest Debt

Not all debt has to be a priority. For example, low-interest debt like a mortgage or student loans might not need immediate repayment. Instead of throwing extra money at those, consider putting it into retirement accounts like a 401(k) or IRA. These accounts can deliver higher returns in the long run, and you’ll still be on track to retire comfortably.

By chipping away at debt strategically while consistently contributing to your retirement savings, you’re setting yourself up for financial success. Imagine how great it’ll feel to be debt-free and have a solid nest egg waiting for you!

Work With a Local Financial Advisor Who Gets It

When you’re starting late, every decision counts. That’s why working with a professional who understands financial planning in Delaware and Maryland can make all the difference.

Here’s what a local advisor like B.I.G. Investment Services can help with:

✔️Catch-Up Retirement Strategy: Whether you’re behind on saving or just getting started, we’ll create a realistic and personalized plan to help you maximize your timeline and income.

✔️Smart Income Coordination: Juggling multiple income streams? We’ll help you arrange them for better tax efficiency and long-term stability, so you can keep more of what you earn.

✔️A Retirement Plan That Fits YOU: Your retirement is about so much more than numbers. Together, we’ll design a plan that reflects your lifestyle, values, and dreams for the future.

We get it—starting late can feel overwhelming. But with the right partner in your corner, you can still achieve the retirement you deserve. Let’s create a plan that sets you up for success and fits into your life, not the other way around.

You Can Still Retire Comfortably—With a Plan

Starting late isn’t the end of the story—it’s just the beginning of a more focused chapter.

At B.I.G. Investment Services, we’ve worked with late savers across Delaware and Maryland who are now living their dream retirement—not because they started early, but because they got serious when it mattered most.

You’re not behind. You’re right on time to take control.

Ready to Create a Catch-Up Plan That Works?

Let’s talk about how we can help you make the most of where you are right now—and where you want to go. Contact B.I.G. Investment Services today for a no-pressure consultation. We’ll help you build a retirement plan that works for you, even if you’re starting late.

Disclaimer

Investing in securities involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful. Boothe Investment Group, Inc. does not provide tax or legal advice. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.