ACCC Offers Six Retirement Strategies For Late Starters

American Consumer Credit Counseling discusses six tips for consumers who are starting late on retirement planning

Boston, MA – December 4, 2019

Retirement Strategies for Late StartersIt is essential that consumers plan for retirement and take steps now to help them achieve financial stability for that period of their lives. Although consumers should ideally start setting money aside early in their careers, individuals who are late to the game still have a chance to save enough for a comfortable retirement. To help with the process, national nonprofit American Consumer Credit Counseling (ACCC) offers six tips for consumers who are late planning for retirement.

“The more time consumers put off saving for retirement, the less time they have for their savings to grow,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “The good news is that even if you’re late to the game, it is still possible to build a comfortable retirement fund.”

According to TheStreet, it costs over $1 million to be able to retire comfortably by age 65. Northwestern Mutual found that 21 percent of Americans don’t have a retirement savings and 10 percent have less than $5,000 saved. The study also found that 46 percent of consumers are not prepared for the likelihood that they may outlive their retirement savings.

ACCC highlights strategies on how to prepare for retirement:

  1. Have a realistic target – One of the reasons consumers are unprepared for retirement is not having a realistic estimate of how much money is needed to live comfortably during those years. Having a financial target will help consumers figure out a retirement savings plan. Consumers can use this plan to figure out how much money they need to save each month to reach their desired goal.
  2. Take advantage of tax breaks – Consumers can benefit from tax deferred accounts. If consumers do not have access to a 401(k) offered by employers, they should consider opening an individual retirement account (IRA). Having these accounts will allow consumers to save the income tax on anything that they put into the account.
  3. Know your limits – Each type of retirement account has different limits on how much money consumers can contribute to them per year. Consumers should know the guidelines set by the IRS to ensure that they are taking full advantage of their plan.
  4. Catch-up contributions – Catch-up contributions allow consumers that are over 50 years old to add more than the standard contribution limit to their retirement funds, depending on the type of account that they hold. Consumers should check their eligibility for an opportunity to save additional amounts.
  5. Start minimizing expenses – Consumers should start cutting costs in order to increase savings. Those extra savings can give consumers more financial freedom during their retirement. Consumers should take a look at their monthly spending and see where they can cut back.
  6. Talk to a financial advisor – It might be helpful for consumers to speak to a financial advisor. Financial advisors can help late starters develop an effective retirement plan.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling and student loan counseling, call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft,  senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit