Late to the Retirement Savings Game? Here's What to Do.

A lot of people know how important it is to save for retirement but don't manage to get started until they're well into their careers. If that sounds like you, don't beat yourself up.

Life can easily get in the way of retirement savings. So rather than panic, take a deep breath. You're not necessarily doomed to work forever. But it pays to make these key moves if you're late to retirement savings and have some serious catching up to do.

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1. Rethink your near-term spending

One of the best things to do if your retirement savings need attention is to rethink your spending and be mindful of extra expenses. Subscriptions, gym memberships, and other services you don't use much should be canceled immediately so you can put that money into an IRA or 401(k) instead.

Additionally, see if there are ways to reduce services you do use. There may be a cheaper cellphone carrier than the plan you're on now. You may be able to renew your auto insurance with a different company at a cheaper rate. Spend some time checking for discounts to snag.

Also, set priorities. If attaining some degree of financial security in retirement is important to you, don't take the big vacation this year. If you can spend $1,500 on a low-budget trip instead of $6,500 on a journey abroad, that's $5,000 you're freeing up for your IRA or 401(k) right there.

If you're 50 and you won't be retiring for 17 years, that $5,000 has a good amount of time to grow. At a yearly 8% return, which is a notch below the stock market's average, that contribution alone could be worth $18,500.

2. Delay Social Security

The monthly Social Security benefit you're eligible for in retirement is based on your personal wage history -- specifically, your highest-paid 35 years of earnings. But your claiming age also plays a role in how much money you receive each month.

If you were born in 1960 or later, your full retirement age for Social Security is 67. That's the age at which you can collect your benefits without a reduction.

But if you delay your Social Security claim past full retirement age, your benefits will be eligible for an 8% increase for each year you wait, until you turn 70. And having guaranteed larger checks is a great way to make up for a nest egg you started building late.

3. Plan to work part-time in retirement

A lot of people associate retirement as being a time when work is done with. But that doesn't mean you can't continue to work in some capacity. And if you inevitably end up with a smaller nest egg, part-time earnings could be a nice way to supplement your modest IRA or 401(k) withdrawals and Social Security checks.

Part-time work could look like a lot of different things in retirement. It could mean consulting in your former field during your industry's busy season. It could mean doing gig work at your convenience. Or, it could mean starting the business you were always passionate about but were afraid to pursue when you had kids living at home and a mortgage to pay.

All is far from lost

If you're late to retirement savings, you're certainly not alone. And even if you only have a few years of full-time work ahead of you, you can still make meaningful contributions to your IRA or 401(k) that help.

But it definitely plays to explore the above strategies when you're getting a late start. They could be your ticket to reducing your financial stress and adopting a more optimistic outlook about your future.

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