What’s the most effective way to save for retirement if I’m starting late?

If you begin late, maximize tax-advantaged accounts first: contribute the maximum allowed to your 401(k) or employer-sponsored plan, especially to capture any company match; then use an IRA (Roth or Traditional depending on tax situation). Increase contribution percentage incrementally every time you get a raise, aiming to reach or exceed 15% of income if possible. Shift portfolio allocation to reflect a shorter time horizon: maintain growth exposure but avoid overly aggressive concentration; diversify across equities, bonds, and low-cost index funds. Minimize fees and avoid frequent trading. Consider catch-up contributions if you’re 50 or older. Finally, reduce nonessential expenses and dedicate windfalls (bonuses, tax refunds) to retirement to compound growth quickly.