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President Donald Trump has a short answer for anyone who didn’t get richer since he returned to office: You should’ve owned stocks.
On “60 Minutes,” which aired Nov. 8, Ross Douthat raised a Forbes report that Trump’s net worth had gone up $3 billion. When Douthat said his own net worth didn’t go up by $3 billion, Trump shot back, “Well, you should’ve had stock.” (1)
Trump also said 401(k)s “are at their all-time high by a lot,” according to People. (2)
He has a point. In my experience, people, including me, who owned stocks and held on have generally done well.
But a lot of people don’t have that kind of money working for them. In a 2025 Gallup survey, about 6 in 10 Americans said they have money invested in a retirement savings plan, which conceivably could mean some stock investment.
That leaves roughly 4 in 10 who don’t. (3)
I’ve been a CPA since 1981, and I’ve made millions in the stock market, over the 45 years I’ve been investing. Here’s what I’d tell anyone over 50 who feels like they missed the boat: It hasn’t left.
Starting in 2026, people 50 and older can generally put up to $32,500 a year into a 401(k). (4) That’s more than younger workers get to save.
Here are five ways to catch up, even if you’re starting late.
1. Know your number before you buy anything
When you’re behind, the temptation is to grab whatever’s hot. Don’t. First figure out what you’ll need, what you’ll get from Social Security, and how big the gap is.
That math is different at 55 than at 35. You have fewer years to save, and fewer years to recover from a mistake.
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2. Use the catch-up limits
In 2026, you can put $24,500 into a 401(k). If you’re 50 or older, you can add an $8,000 catch-up contribution on top. (4)
If you’re 60, 61, 62 or 63, the catch-up limit is $11,250 instead of $8,000. (4)
Do the math. Someone 60 to 63 could put $35,750 a year into a 401(k) at 2026 limits. Do that for four years at those limits, and that’s $143,000 saved before a penny of growth.
You may not be able to max it out. That’s fine. Every extra dollar you put in at 60 is a dollar you won’t have to find at 70.
Quick gut-check — if your money advice is coming from random online influencers, you’re playing a dangerous game. I’ve been a CPA since 1981 and writing about money since before the internet existed. Sign up for the free Money Talks Newsletter and get expert advice that’s been tested by time.
3. Find the money first
You can’t invest money you’re already spending. Before you pick a fund, look at the bills you pay automatically and haven’t questioned in years.
Car insurance is a good place to start. Renewal time is a natural moment to compare quotes, so get a few before you pay your next premium.
Insurify lets you compare car insurance quotes from multiple insurers side by side, in one place. If you find the coverage you want for less, send the difference to your 401(k) or IRA every month.
Take a look. Compare car insurance quotes.
4. No 401(k)? Open an IRA
Not everyone has a retirement plan at work. You can still save on your own.
In 2026, the IRA contribution limit is $7,500. If you’re 50 or older, you can add a $1,100 catch-up. (4)
That’s $8,600 a year, or about $717 a month. Set it up to come out of your checking account automatically, so you never see it.
5. Buy time with Social Security
If you’re behind on savings, your Social Security check may be your biggest asset. Treat it that way.
For people born in 1943 or later, Social Security adds 8% a year for each year you wait past full retirement age. (5) The increase stops when you reach 70. (5)
Working a few more years does double duty. You keep saving, and you give your benefit time to grow.
Bottom line
Trump has a point. People who owned stocks have generally done well lately, and people who didn’t missed out on those gains.
But “you should’ve” is about the past. You can’t fix that. What you can do is start now, use the extra room the IRS gives people 50 and older, and stay put when the market gets rough.
I didn’t make millions in the market by guessing what it would do next month. I made it by owning good companies for a long time. Late is better than never.
Sources: 1. CBS News “60 Minutes”; 2. People (via Yahoo News); 3. Gallup; 4. IRS; 5. Social Security Administration
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