Unfortunately, compound interest is not retroactive, meaning you can’t earn interest on money you have not saved. However, all hope is not lost. Many people asking this question fall into the age group that are entering their peak earning years and are spending less as children leave home. Two ways to catch up financially are: 1) Take action to increase retirement savings; and 2) Take action that will decrease the amount of retirement savings required (e.g., lifestyle changes).

Suggested strategies to increase retirement savings include:
* increase contributions to tax-deferred employer savings, 401(k) plan
* decrease household expenses to free up money to invest
* invest in industries like healthcare that are predicted to benefit from future demographic trends.

In addition, those over the age of 50 can make extra contributions to various retirement accounts so you can put more away now that you can save.

Suggested strategies to reduce the amount of money needed for retirement:
* move to a smaller/less expensive home and invest the difference
* move to a less expensive geographic region
* delay retirement to increase savings and postpone withdrawals

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