It’s never too late to start planning for retirement and taking care of your own finances. There are certain things you can do in your later years to make sure you’re on the right track. Here are six personal finance tips for workers late in their careers:

1. Review your retirement plan.

If you haven’t taken a close look at your retirement plan in a while, now is a good time to do so. Make sure you know how your plan works and what you need to do to stay on track. Find out how much you’re putting into your 401(k) or other employer-sponsored retirement plan and whether or not you’re on track to reach your goals.

2. Make catch-up contributions.

If you haven’t saved enough for retirement, you can make “catch-up” contributions to your 401(k) or another plan offered by your employer. For 2023, employees over 50 can put in a maximum of $7,500 as a “catch-up” contribution.

3. Think about saving in an IRA.

If you aren’t already saving for retirement in an IRA, you might want to start. IRAs let you grow your money without paying taxes on it, and you can choose between traditional IRAs, Roth IRAs, and SEP IRAs.

4. Put money into yourself.

One of the best things you can do for your future is to put money into yourself. Think about taking classes or getting training to get better at what you do. This will not only make you more valuable to your current employer, but it will also help you stay competitive in the job market.

5. Make a budget.

Now is a good time to make a budget if you don’t already have one. A budget will help you keep track of your money so you can see where it’s going. It can also help you make changes to make sure you spend your money wisely.

6. If you need help, ask for it.

Don’t be afraid to ask for help if you can’t figure out how to handle your money. You can get your finances in order with the help of many different tools. You can talk to a financial advisor, take a class on personal finance, or read books or articles on the subject.

Small changes in the way you handle your money can have a big effect on your future. By following these personal finance tips for workers nearing the end of their careers, you can make sure you’re on track for a comfortable retirement.

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