If you’re behind on retirement saving in your late 50s or 60s, you’re not out of luck. A variety of strategies give ways accelerate savings. In 2025, salary-deferral limits rose again. There’s also now a higher “super catch-up” for ages 60–63. A few focused years can meaningfully close the gap. Let’s take a look at some of your options.
Older savers who have access to a 457(b) plan—common in government and some nonprofit jobs—get another powerful option. In the last three years before the plan’s normal retirement age, many 457(b)s allow a “pre-retirement catch-up” that can double the usual elective-deferral limit to help you make up for under-contributing in past years. This special catch-up coordinates with, and is distinct from, the standard age-50 catch-up and has its own eligibility rules, so read your plan’s fine print. Teachers and certain nonprofit employees in 403(b) plans may also qualify for a separate, service-based catch-up after 15 years with the same employer. (IRS)
Don’t overlook the stealth retirement account: the Health Savings Account. If you’re on a qualifying high-deductible health plan and not enrolled in Medicare, an HSA lets you contribute pre-tax, grow tax-deferred, and withdraw tax-free for qualified medical expenses—the only “triple tax advantage.” For 2025, the contribution limits rose again, and people 55 and older can add a $1,000 catch-up. Even if you spend from cash today and save HSA receipts, you can reimburse yourself years later, effectively turning part of the HSA into a back-door medical nest egg. (IRS)
Taxes matter as much as contributions when you’re catching up. In lower-income years—after a layoff, partial retirement, or a big charitable gift—Roth conversions can move money from pre-tax to Roth while you’re in a friendlier bracket. Just remember that once you reach the required minimum distribution (RMD) age, you generally must take that year’s RMD before converting any remainder. The current RMD age is 73, and delaying the first RMD until April 1 of the following year can force two taxable withdrawals in that calendar year, so calendar carefully. (IRS)
Charitable giving can be part of the plan, too. Beginning at age 70½, qualified charitable distributions (QCDs) let you send money directly from a traditional IRA to a 501(c)(3) charity, exclude the amount from income, and—once you’re subject to RMDs—apply it toward your RMD for the year. The annual QCD limit is indexed for inflation, and the IRS posts the current dollar cap and reporting rules each year; for 2025 guidance, see the Service’s latest notices. QCDs are especially useful for itemizers who no longer get a tax benefit from writing checks after the standard deduction increase, since QCDs work “above the line.” (IRS)
Social Security timing is another high-impact lever late in the game. If health, work, and savings permit, delaying your benefit past full retirement age earns “delayed retirement credits” that increase your monthly check for life, with the boost maxing out at age 70; the government spells out the month-by-month increases and reminds claimants that credits stop accruing once you hit 70. Higher guaranteed income can reduce the withdrawal pressure on your portfolio, which is valuable if markets turn choppy in your first retirement years. (Social Security)
As you accelerate saving, keep an eye on coordination across accounts. Maxing a 401(k) or 403(b) at work doesn’t block you from funding an IRA, subject to annual limits and deductibility rules—and some couples can still contribute to a spousal IRA if one partner has earned income. If you’re in the public sector and have both a 403(b) and a 457(b), the IRS allows separate elective-deferral buckets, which can dramatically raise total tax-advantaged savings in your final working years; the Service provides examples showing how the limits stack when both plans permit catch-ups. (IRS)
Finally, tune the drawdown strategy before you retire. Model how required distributions at 73 interact with other income and with Medicare premiums, and consider filling up low tax brackets in early retirement with partial Roth conversions, especially before Social Security and RMDs start. Revisit asset location—placing more tax-efficient holdings in taxable accounts and income-heavy assets in tax-deferred or Roth accounts—and rebalance with new contributions instead of selling when possible. Even a few years of disciplined catch-ups, tax-aware moves, and thoughtful benefit timing can shift the trajectory from “tight” to “confident”—and the rules give you more room than you might think to make that happen. (IRS)