Last Minute Ways to Boost Your Retirement Savings

Last Minute Ways to Boost Your Retirement Savings

Strapped for cash and about to retire, or already retired? Here are some last minute tips on ways to boost your retirement savings from Bankrate.com.

  1. Take advantage of catch-up contributions. The IRS offers catch-up provisions, which allow people over the age of 50 to contribute extra money to IRAs and 401(k)s. According to Bankrate they can make a huge difference; for example if you are 50 and have zero in retirement savings, but can max out on your IRA or 401(k) contributions from now on, you can set aside $30,500 per year compared with $23,500 for younger savers.

  2. Consider taking more risks in your investment portfolio. If you can make more money on your investments, you can make up for your lack of savings.

  3. Delay your retirement. Retiring later gives you more time to build your retirement fund and add to it. Retiring later also means a bigger Social Security check.

  4. Spend less in retirement. Seems obvious, but how do you make it work? Bankrate says if you don’t think you’ll be able to spend less, try supplementing your income with money you make at a part-time job.

  5. Consider moving. It might be worth it to sell your home and use the money you make to add to your retirement account. You can rent, move to a smaller place or to a different country where living expenses are cheaper. You may also want to consider a reverse mortgage.

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