By Patricia Uceda, Spring 2015 Graduate Research Assistant
While ideally you should be starting to save for retirement in your twenties and thirties, this is not always the case. If you are nearing retirement age and believe you haven’t saved enough, don’t be discouraged. It’s never too late to start. Here are a few tips that you can use to help you toward your goal:
- Save as much as you can. Put everything you can into a retirement plan, aiming for at least 20 percent of your income.
- Reduce expenses. Reduce your daily expenses and put your extra savings into your retirement savings account.
- Try to increase income. Consider a second job or picking up a second shift.
- Delay retirement. Consider working past your target retirement date. A part time job, instead of a full time position, may also be a possibility.
- Adjust your expectations. You might need to adjust your lifestyle for retirement and plan to spend less.