Last updated: October 2026 · Ask Jax: Coaching Chats
Today’s question: “I’m over 40 and I barely have anything saved for retirement. Is it too late to catch up?”
Here’s the short answer. No, it’s not too late. If you’re behind on retirement savings at 45 and plan to work until 67, you still have about 22 years to save. Start with the basics: a small emergency fund, your full employer match, and paying down high-interest debt. Then use the extra “catch-up” savings the IRS allows once you turn 50.
And you’re far from alone. In an AARP survey from December 2025, only 44% of women 50 and older felt confident they’ll have enough money to retire.
I know what being behind feels like.
In 2022, I was laid off.
I had no income.
I was deep in debt.
I didn’t fix it in a month. I worked two jobs and paid off my credit card debt one payment at a time.
I started saving for retirement late, too. Life got in the way. But now I’m catching up, and here’s what that looks like:
I didn’t do it all at once. I did it one step at a time. You can too.
Let’s keep it real: shame won’t grow your savings. A plan will. Let’s get into it.
No. Twenty years is a lot of time for money to grow, and every year you save counts.
Lots of women feel this same worry. In Guardian Life’s February 2026 report, 50% of women said they worry their retirement savings won’t last. That fear is common. It doesn’t mean you’re stuck.
Try this: Write down your age today and the age you’d like to stop working. Subtract. That number is your runway, and it’s probably longer than you think.
Start with what keeps you safe today, then build from there. Here’s the order I’d take it in:
That last one changed everything for me. Here’s how I paid off my debt in 23 months as a single mom.
Try this: Check your last paycheck. Find your 401(k) amount, then ask HR: “What’s the company match, and am I getting all of it?”
More than younger workers can. Once you turn 50, the IRS lets you put extra money into your retirement accounts. These are called catch-up contributions.
Here are the 2026 limits from IRS Notice 2025-67 (401(k) Specialist):
You don’t have to hit the max. Most of us can’t. Even raising your 401(k) by 1% each year adds up over time. These limits usually change each year, so check for the new numbers every January.
Try this: Log in to your 401(k) today and raise your savings by 1%. Set a reminder to do it again on your next birthday.
It can. Waiting to claim Social Security makes your monthly check bigger.
If you were born in 1960 or later, your full retirement age is 67. For each year you wait past that, up to age 70, your benefit grows by 8% (AARP). Waiting isn’t right for everyone. But it’s worth knowing your options before you decide.
Try this: Log in to (or create) your free my Social Security account and look at your estimated check at 62, 67, and 70.
Start by remembering this: you’re not behind. You’re awake.
Shame keeps us from opening the statement, logging in, or asking questions. And what we don’t look at, we can’t fix.
Many of us spent our 20s and 30s raising kids, caring for family, or starting over. That’s not failure. That’s life.
Try this: Say this out loud: “I’m starting where I am, with what I have.” Then take one money step today.
No. If you work until 67, you have about 17 years to save, and the IRS lets people 50 and older save extra each year. Small, steady steps still add up.
In 2026, you can put in $24,500 plus an $8,000 catch-up, for a total of $32,500. If you’re 60 to 63, your catch-up can be $11,250 if your plan offers it. These limits usually change each year.
In 2026, the IRA limit is $7,500, plus a $1,100 catch-up for people 50 and older. That’s up to $8,600 a year.
For many people, yes. If your full retirement age is 67, your benefit grows by 8% for each year you wait, up to age 70. Check your own numbers in your my Social Security account before you decide.
Build a small emergency fund, get your full employer match, and pay down high-interest debt. Then raise your savings a little at a time.
Open the account.
Make the plan.
Take the first step.
What you do this week matters more than what you didn’t do at 30.
Want more? Read 5 Ways to Start Reinventing Your Life After 40 and my chat on whether it’s too late to change careers at 45 or 50.
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Got a question for me? Ask me here, anonymously if you want. I may answer it in a future Coaching Chat and in my newsletter.
Ready to make a money plan that fits your life? Book the 6-Week Strategy Session and we’ll map out your next steps together. Or start with the free Midlife GlowGetter Quiz.
With love and confidence,
Jax
This post is for education only. I’m a certified life coach, not a financial advisor. For advice on your own situation, talk with a licensed financial professional.
