The first quarter of 2024 has flown by, but there's still plenty of time to make progress toward your retirement goals. If you haven't started yet, now is the perfect time to check on your finances and consider your retirement contribution plan. Doing so will help you make the most of the remaining months of the year.

If you need help creating your game plan, we've jotted down three surefire ways to get closer to your retirement goals this year.

Professional person in office with computer and phone.

Image source: Getty Images.

1. Write down your retirement goals

When you write down your goals, you have a better chance of achieving them. If you have a few hours to spare, start by visualizing the type of life you want in retirement and jot it down. Also, consider how much it might cost to live the lifestyle you're dreaming about.

Writing down your retirement dreams is not just a way to keep your financial goals front and center, but also a way to keep you inspired so you won't be tempted to skimp on your savings goals this year. So if you're ready to crank up your motivation, here are some key questions to consider to get the ball rolling:

  • What does your ideal retirement look like?
  • When do you want to retire?
  • Where do you see yourself living?
  • What activities or hobbies do you want to pursue?
  • What will be your sources of income?

2. Maximize contributions to retirement accounts

When it comes to retirement accounts, the options available can vary depending on your individual circumstances. You'll come across a range of choices, including employer-sponsored retirement accounts, individual retirement accounts, and self-employed plans. Some of the retirement account options that you may have access to include:

Regardless of the retirement accounts you have, it's important that you understand how they work and maximize their potential. Take, for instance, an employer-sponsored plan like a traditional 401(k). In 2024, you can sock away up to $23,000 in a 401(k) if you are under 50, and your contribution cap goes up to $30,500 if you are older. Contributions to a traditional 401(k) are made with pre-tax dollars, meaning your employer transfers money from your paycheck to your retirement account before taxes are taken out. This lowers your taxable income.

You can boost your retirement savings for 2024 by contributing to an individual retirement account (IRA) in addition to your 401(k). Let's say you qualify to contribute after-tax dollars to your retirement account through a Roth IRA. In 2024, you can contribute up to $7,000 if you are under 50, while those older can bump it up to $8,000. You have until April 15, 2025 to contribute to a 2024 IRA so that can take some pressure out of the process.

By maxing out both your workplace retirement account and an individual retirement account, you could potentially stash away $30,000 for retirement in 2024 if you are under 50. This isn't chump change, so strategic planning is key to make this happen. Consider automating your retirement account contributions and closely monitoring your income and expenses to identify opportunities to save more money.

3. Snag your employer match

If you have a job, you'll want to check out all the workplace perks you have access to so you aren't leaving any benefits on the table. One often overlooked perk, especially for those new to retirement accounts, is the 401(k) match. This is when your employer chips in money to help you build your retirement nest egg at work.

Let's say your employer offers a 50% match on all your contributions to your 401(k) plan, up to 6% of your salary. For example, if you earn $75,000 per year, contributing 6% of your salary would be $4,500. Since your employer matches 50%, they would contribute $2,250 to your 401(k) plan. Essentially, your employer is giving you free money for contributing to your retirement account. But you'll need to look into your employer's vesting schedule to find out how long you have to stay at the company to have access to all of your employer-matched funds.

By working on your retirement game plan now, you could easily crush your goals for 2024. Remember, while some retirement accounts close the contribution window at the end of the year, you have until April 15, 2025, to contribute to your IRAs. So, determine your goals, automate contributions, and tap into workplace benefits. By following these steps, you'll be one step closer to the retirement you've always dreamed of.