Many workers have fallen behind on retirement savings, but there are tips from financial experts to help catch up. To start, re-examine your budget and make changes to identify and work for all dollars. Cut unnecessary expenses, such as high-priced cable bills, unnecessary cellphone plans, and vacation expenses. Use software programs to track spending while creating a budget. 'Catch up' your 401(k) contributions, as they can help you save money. Employers can match contributions to health savings accounts, IRAs, or taxable accounts. If you have money left over, invest it in a taxable account. Amp up your earnings by changing employers, getting training, or finding a side gig. Be smart with raises and windfalls, as they can be a great way to save for retirement. Consider speaking with a financial advisor to develop a game plan. Remember, it's important to be smart with your retirement savings and make it work for you.
