How to Catch Up on Retirement Savings (Starting Late)
If you're 40 or 50 and feel behind on retirement, you're not alone — and it's not too late. The fix is simple in principle: save a higher percentage of your income for the remaining years.
Here's what "catching up" actually requires, in real numbers.
The Cost of Waiting
Suppose you want 3 million riyals by age 60, growing at 7%. How much must you save each month, depending on when you start?
| Start at | Years to 60 | Monthly saving needed |
|---|---|---|
| 30 | 30 | 2,459 riyals |
| 40 | 20 | 5,759 riyals |
| 50 | 10 | 17,333 riyals |
The 10 extra years from 30 to 40 cut the required monthly saving by more than half. But notice the flip side: starting at 40 is still very doable — 5,759 a month is hard, but far more achievable than the 17,333 you'd need starting at 50.
💡 Run your own catch-up plan: Use the retirement calculator to see what monthly contribution gets you to your target.
4 Ways to Catch Up Faster
- Raise your savings rate first — this is the biggest lever. Target 20–30% of income if you're starting late.
- Work a few years longer — each extra working year is one more year of contributions and one fewer year of withdrawals.
- Cut fixed costs — housing and car payments are the biggest leaks. Downsize if you can.
- Delay retirement spending — a part-time income in early retirement dramatically reduces the nest egg you need.
The Single Most Important Move
Whatever your age, the most important move is the same: increase your monthly contribution today. The math is unforgiving about time, but very forgiving about consistent effort.
Frequently Asked Questions
I'm 45 with almost nothing saved. Can I still retire? Yes, but you'll need to save aggressively — often 25–30% of your income — and possibly work a few years longer. A target is still achievable, just with a higher contribution rate.
Is it better to invest aggressively to catch up? Chasing higher returns usually means higher risk, which can backfire late in your career. A steady, diversified portfolio with a higher savings rate is the safer path.
How do I know if my catch-up plan works? Project it. Enter your current savings, your target monthly contribution and your retirement age into a calculator and check that the projected balance hits your goal.
Build your catch-up plan with the RateLedger retirement calculator.