If you’re heading toward retirement with less saved than you hoped, you’re far from alone. Many people find themselves approaching their 50s or 60s realizing their nest eggs won’t stretch as far as expected. The good news: Late savers still have multiple strategies to build a more flexible, resilient retirement plan. Here’s how financial experts said you can adjust your strategy now and strengthen your outlook for the years ahead.
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Before you can make meaningful decisions, you need a full, honest picture of where you stand. Linda R. Jensen, founder and certified exit planning advisor of Heart Financial Group, said the first step “is getting brutally clear on your real numbers [and creating] a realistic budget, identifying every source of income and listing all your assets. Hope is not a strategy. Clarity is.”
A strong financial foundation also means eliminating blind spots. You need a realistic budget, a plan to get out of debt and a fully funded emergency fund, added Jay Zigmont, CFP and founder of Childfree Trust.
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A flexible retirement timeline is one of the most powerful tools late savers have. “You have to be willing to adjust something, whether that’s the timeline, the goals or the budget,” said Tyler Meyer, CFP and founder of RetireToAbundance.com. If budget adjustments alone can’t close the gap, then working longer becomes the most effective move, Zigmont noted. But working longer doesn’t have to mean staying in the same job with the same hours. Encore careers, part-time work, consulting and phased retirement can ease pressure on savings and create a smoother transition.
Jensen agreed, adding that strategies like phasing into retirement gradually and delaying Social Security when possible can make the shift more manageable and financially stable.
For many late savers, the biggest progress comes not from investing differently but from spending differently. Jensen emphasized that trimming key expenses, especially housing, taxes, insurance and debt, is often essential to strengthening cash flow. “Lowering expenses instantly creates more money for retirement; it’s the fastest raise most people will ever give themselves.”
Zigmont echoed that sentiment: “Debt is dangerous in retirement and it is the first expense that needs to be cut.” Eliminating high-interest debt, right-sizing housing and being intentional about discretionary spending can free up money for savings and reduce long-term stress. Ultimately, what matters most, Zigmont said, “is recognizing that something needs to change.”
Even small amounts of extra income can extend retirement savings and make your plan more durable. Many retirees discover “they don’t need a brand-new career; they already have decades of valuable experience,” Jensen said. Part-time work, consulting or monetizing existing skills often turns out to be more enjoyable and flexible than expected.
Meyer cautioned that it’s important to choose income sources tied to real skills rather than random gig work that may carry hidden costs. Encore careers, he added, are a powerful tool for late savers. “I encourage people to find something they don’t want to retire from. Can you monetize a hobby? Is there a part of your old job you actually enjoyed?”
Housing decisions can significantly improve or derail your retirement plan. A smaller home doesn’t automatically mean lower expenses. “Downsizing can make sense, but only if it actually reduces your expenses,” Meyer said. “The key is to be honest about whether the change will truly improve your retirement outlook.”
Jensen added that a move should “reduce long-term financial stress and support your lifestyle, not create new risks.” Before counting on downsizing or relocating to fix your finances, evaluate the full picture: taxes, insurance, utilities, healthcare access, transportation and broader cost-of-living differences.
When people realize they’re behind, they often feel tempted to chase high returns. But that instinct can backfire. Meyer warned that “taking on excessive risk late in the game usually creates more problems than it solves.”
Jensen agreed, noting that the safer path to catching up is “not by swinging for the fences, it’s by tightening diversification, building reliable income streams and reducing tax leakage.”
Zigmont emphasized that you can’t take big risks once you’re relying on your investments for income, making a more measured, sustainable approach essential.
Delaying Social Security is one of the simplest and most powerful ways to increase long-term financial flexibility. Delaying reduces pressure on your investment accounts early on and increases guaranteed income later in life, Zigmont noted. This boost can dramatically improve retirement stability. “For people who are behind on savings, that difference can mean stability versus stress for life,” Jensen said.
Trying to compensate for late savings often leads people to take shortcuts that don’t pay off. As Meyer put it, somewhere between “pretending the numbers will magically fix themselves” and gambling on risky decisions lies the better path. Chasing hot investments, ignoring healthcare costs or postponing tough choices can create bigger problems. The more effective strategy is staying realistic, focused and disciplined.
In the final decade before retirement, flexibility becomes essential. “The people who close the gap the fastest are the ones who stay open to change and stay purpose driven,” Meyer said. Jensen added that if you’re within 10 years of retirement, your most important move is “creating a written, income-first plan focused on cash flow, not just account balances.” That structure provides clarity and confidence during a critical period.
No matter when you begin, staying flexible, honest and proactive can help you build a retirement plan that supports your needs and gives you more control over your financial future.
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