Life doesn’t always follow a straight financial line. Whether due to career changes, family responsibilities, or just plain curveballs, it’s not unusual to reach your 50s and wonder, “Have I saved enough for retirement?” The good news is that you still have powerful tools at your disposal—and time to use them wisely.
At LaTour Asset Management, LLC of Springfield, we work with individuals and families every day who are making up ground. Here are some of the strategies our Springfield-based advisors use to help clients turn momentum into measurable progress.
Maximize What You Can Contribute
Once you hit age 50, the IRS allows you to contribute more to retirement accounts. In 2025, that means you can contribute an extra $7,500 to a 401(k)—and if you’re between 60 and 63, that number jumps to $11,250. You can also add an additional $1,000 to your IRA.
These catch-up contributions matter. So does taking full advantage of your employer’s match, which essentially adds to your retirement savings without affecting your take-home pay. If you’re not contributing enough to get the full match, you’re leaving money on the table.
Don’t forget about other tax-advantaged accounts, either. A Health Savings Account (HSA), for example, offers triple tax benefits when used properly—especially helpful if you’re enrolled in a high-deductible health plan. It can act as a supplemental retirement account for qualified medical expenses later in life.
Rethink Your Monthly Priorities
One of the most effective ways to boost retirement savings is simply to adjust your current savings rate. But that takes more than good intentions.
Start by getting serious about your monthly budget. Where is your money actually going? Many people in Springfield are surprised by how much they can redirect just by cutting back on non-essentials—unused subscriptions, takeout dinners, impulse purchases, etc.
Once you’ve made room, automate it. Set up automatic paycheck contributions or bank transfers, so your savings happen without a second thought. When you receive a raise, bonus, or tax refund, resist the urge to spend the full amount. Funnel at least a portion into your retirement accounts instead.
And if high-interest debt is part of your financial picture, tackle that first. Eliminating credit card debt, in particular, can free up hundreds of dollars per month—and reduce stress in the process.
Revisit Your Timeline and Strategy
Delaying retirement by even a few years can have a major impact. Not only do you shorten the number of years your savings must cover, but you give your investments more time to grow. You may also increase your Social Security benefits by waiting past your full retirement age.
Investing remains essential. Parking savings in a standard bank account might feel safe, but it often fails to outpace inflation. A diversified investment strategy—based on your goals and tolerance for risk—offers the long-term growth potential needed to close the gap.
Guidance Makes the Difference
Catching up on retirement savings is absolutely possible—but it works best with a tailored plan. Our team at LaTour Asset Management, LLC of Springfield brings experience, objectivity, and a commitment to helping you move forward with confidence. Call us at (877) 888-5724 to schedule a conversation. Let’s get your retirement strategy working for you.
Advisory services are offered by LaTour Asset Management, LLC. a registered investment advisor in the States of Missouri, Arkansas, Alaska, Texas, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training.
Insurance products and services are offered through LaTour Advisory Group, Inc. LaTour Asset Management LLC, and LaTour Advisory Group, Inc. are affiliated companies.
LaTour Asset Management, LLC., LaTour Advisory Group Inc. and Joseph LaTour are not affiliated with or endorsed by the Social Security Administration or any government agency. This content is for informational purposes only and should not be used to make any financial decisions.
