Savant Wealth Management

Have you saved enough for withdrawals in retirement to close the gap between guaranteed income and what you want to spend? If not, don’t despair.

First, remember, it’s never too late to get on track. That said, there’s no better time than the present. The following suggestions will help you get started.

Save More

If you didn’t contribute money for retirement when you were younger, you’ll need to ramp up your current savings to catch up. The following strategies can help you save more.

Spend Less

It’s easier to save money you’re not used to having. Whenever you pay off a loan, receive a raise or bonus at work, or come into other extra cash, consider directing the newfound cash flow directly into your retirement savings account.

You can also maintain your lower pandemic-level spending. Can you take more modest or less frequent vacations? Are you able to minimize dining out or downgrade to a less expensive car?

Earn More

Is an extra “gig” job or side business possible? Is overtime an option? Airbnb your basement?

Invest for higher rates of return.

If you have the time and tolerance to ride out the market’s near-term dips, you may potentially be able to reap more of the market’s long-term expected rewards by investing more heavily in stocks than in bonds or cash.

Wait to Retire

There are two benefits to postponing retirement. First, you’ll have more years to fund your retirement account. Second, you’ll have fewer years to spend your retirement nest egg. Especially if you keep working and delay claiming Social Security until age 70, it is possible to increase this benefit by up to 24% over what you would have received at full retirement age (age 67 for most).

In summary, if you need to catch up on your retirement savings, there’s no magic wand or time machine. Start now by saving more, investing, and/or waiting longer to retire.


This is intended for informational purposes only and should not be construed as personalized investment or financial advice. Please consult your investment or financial professional(s) regarding your unique situation.

Author John A. Frisch Financial Advisor / Managing Director

John founded Alliant Wealth Advisors, where he served as president until it joined with Savant in 2022. Strongly committed to community service, he founded the Prince William Financial Institute to provide networking and education opportunities for financial professionals in Prince William, VA.

About Savant Wealth Management

Savant Wealth Management is a leading independent, nationally recognized, fee-only firm serving clients for over 30 years. As a trusted advisor, Savant Wealth Management offers investment management, financial planning, retirement plan and family office services to financially established individuals and institutions. Savant also offers corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting.

©2022 Savant Capital, LLC dba Savant Wealth Management. All rights reserved.

Savant Wealth Management (“Savant”) is an SEC registered investment adviser headquartered in Rockford, Illinois. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments and/or investment strategies recommended and/or undertaken by Savant, or any non-investment related services, will be profitable, equal any historical performance levels, be suitable for your portfolio or individual situation, or prove successful. Please see our Important Disclosures.