15 Steps to Shoring Up Your Retirement Savings in 2022

If you want financial security in retirement, it's up to you to build a nest egg that provides it.

Social Security benefits provide too little to live on by themselves, and your employer probably isn't going to offer a defined benefit pension that gives you guaranteed income.

You'll need to make sure you have plenty invested to provide enough money to live on. And you should work toward that goal every year. If you're not sure how, try these 15 tips for shoring up your retirement savings in 2022.

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Setting an accurate estimate for how much to invest is crucial to making sure you end up with the nest egg you need. This estimate needs to take into account all the costs you're likely to incur as a senior, including healthcare and long-term care expenses.

If you haven't set retirement savings goals, this is the key first step to shoring up your retirement savings in 2022. But even if you've already got a plan, you should review it each year to make sure nothing has changed in your estimate of how large a nest egg you'll need or how much to invest to build it.

ALSO READ: 2 Easy Ways to Estimate Your Retirement Savings Goals

Maxing out a 401(k) match is one of the easiest ways to supercharge your retirement savings efforts since you'll want to get all the free money your employer will give you.

As 2022 gets underway, make sure you check how much of the match you earned last year and brush up on the rules for maxing it out in 2022. If your employer has made any changes, you'll want to make sure you know about them so you don't miss out on the savings help your company provides.

And if you didn't earn the full match before, you'll want to make it a top priority to budget enough for retirement savings this year so you don't leave any money on the table.

There are several different tax-advantaged retirement accounts, and you always want to make sure you're using the right ones.

For example, while defaulting to investing only in a 401(k) may be the easiest approach, there are more limited investment options if you do that -- and you could get stuck paying high fees if your account makes only expensive investments available.

Research the rules for 401(k)s, IRAs, and health savings accounts (HSAs) this year to make sure you're using the right account -- or right mix of accounts -- for your current needs.

The more you can cut your spending, the more extra money you can divert to retirement savings. So to shore up your accounts in 2022, take the time to track your spending for at least 30 days and identify areas where cuts could be made.

Don't be afraid to get creative -- or even to take drastic steps such as downgrading to a less expensive used car so you can redirect some of your car payment money to your retirement accounts.

If you aren't currently living on a budget, changing that in 2022 could be the surest way to shore up your retirement savings efforts.

By budgeting your money, you can decide what your priorities are and make sure you're using your dollars wisely to protect your future.

If you do have a budget, take a close look at it to see whether you're placing a high enough priority on retirement savings. If you're not investing around 15% of your income for your future -- and treating that investment as a must-pay bill each month -- then it may be worth redoing the numbers to try to make saving that much possible.

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Automating retirement account contributions reduces the chances you'll spend your money on other things instead of saving for your future.

You should have 401(k) contributions taken out of your salary before you get your paycheck, and should consider setting up automated transfers of money to your IRA or other retirement accounts on payday.

If you're already making automated investments, you can boost your retirement savings account balance this year by increasing them. Even contributing 1% more to savings could make a huge difference.

If you haven't yet taken this step, be sure to do it ASAP as it can be the surest way of making sure you end up with enough for your later years.

ALSO READ: This 1 Simple Change Can Make All the Difference in Your Retirement Security

There's a labor shortage, and employers are desperate for qualified workers. That means that employees have more leverage than ever.

If you want to take advantage of this unprecedented opportunity, make sure to negotiate your salary during your annual performance review this year -- or set up a meeting with your boss to talk about a raise if you don't have annual reviews.

If you can increase your income, it will be easier to save more for retirement and you can build a bigger nest egg without making a lot of sacrifices. You can also boost your Social Security benefit by earning more.

If you get a salary bump, you will have more money coming in, but your budget and spending should still be based on your own salary.

Rather than taking home the extra pay and spending more money, why not divert the extra funds right to retirement savings before you get used to it?

If you get a 2% raise and increase 401(k) contributions by 2%, you'll go a long way toward shoring up your retirement savings in 2022 without having to make any lifestyle changes.

Taking on a side job for just a few hours a month can help you make extra money that you don't need to cover other bills. You can immediately invest this money in a retirement savings account to supercharge your savings.

If you can make just $500 a month by working a side job, you could make enough to max out your IRA. This would leave you with a lot more money in your later years.

You can't afford to pass up tax savings that make retirement investing easier. So make sure you understand your options for reducing your tax bill by contributing to retirement accounts.

The most obvious way to do this is to try to get as close as possible to hitting the 401(k), HSA, and IRA contribution limits each year.

If your income is low enough, you should also look into whether you can qualify for the Saver's Credit. This could allow you to save up to $2,000 on your tax bill just for investing for your future.

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When you work hard to invest for retirement, you don't want to reduce your potential returns by paying high fees. To make sure you aren't going to end up with less money as a senior due to expensive investments, check your fees carefully in 2022.

You should pay attention to any administrative fees your 401(k) charges, as well as the expense ratios of the different investments you're putting your money into. And if you're investing with a brokerage firm, find out if you're paying commissions.

By looking for inexpensive investments and cutting out excess investing costs, you can shore up your retirement savings without having to put more money into your accounts.

A diversified portfolio significantly reduces the chance of facing big losses since you aren't putting all your eggs into one basket.

To maximize the chances your retirement investments will perform well and help your nest egg grow, take a careful look at how your money is spread around. If you're invested too heavily in a particular asset or industry, make a change ASAP.

You also need to make sure your retirement portfolio is exposing you to an appropriate level of risk based on your age and the time you have left before you'll need your investments to start producing income.

Since your risk tolerance changes as you age, you should rebalance your portfolio each year to make sure you aren't invested too aggressively or conservatively. Complete this task ASAP in 2022 so you maximize the chances of your investments performing well for you.

There are lots of fun ways to try to save more money for retirement.

For example, you could challenge yourself to see how much you can save over the course of the month by using coupons to cut spending. Each time you're able to reduce your expenditures, you can send this extra money right to your IRA.

You could also try a 52-week savings challenge, or one of several other savings games that make investing for retirement more fun.

Finally, you should make sure you're tracking your investing efforts this year. You'll want to monitor both how much you're investing each month and how your investments are doing.

By keeping tabs on your retirement savings efforts, you can stay motivated -- and make changes if it appears you'll fall short of your goals.

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You don't want to end up getting to retirement without the money you need -- and the longer you wait to start building your nest egg, the harder it will be.

So follow as many of these 15 tips as you can to make 2022 the year that you get on the path to building the secure future that you deserve. You won't regret it.

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