15 Steps to Take if You're Worried You'll End Up Retiring Late

Some people work hard, save well, and manage to retire early. But if you're worried that you're in for the opposite fate -- retiring late -- you may be wondering if there's anything you can do about it. The good news? You can. These moves could help you catch up on retirement savings and avoid having to plug away longer than you'd like to.

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Following a budget is a key step in managing your money. And once you have a better handle on your money, you can find ways to save more of it. There are different apps you can use to make budgeting easier, so it pays to play around with those that are free and see which works best for you.

ALSO READ: The Best Budgeting Apps for 2022

Your home is probably your single largest monthly expense. Reducing what you spend on housing could help you free up more money for your nest egg. To that end, you may want to consider moving to a less expensive neighborhood, or staying in your current ZIP code but downsizing.

Cars usually don't gain value over time. Quite the contrary -- they tend to lose value consistently, so there's little sense in overspending on one, especially if your IRA or 401(k) could use a boost. If your car payments eat up a large chunk of your income, it may be time to swap your current vehicle for one that's less expensive.

ALSO READ: Average New Car Payment Reaches $656. Here's How to Pay Less

Restaurant meals are fun and tasty -- but they come at a cost. If you're behind on IRA or 401(k) contributions to the point where you're worried about a late retirement, pledge to do the bulk of your cooking at home. The money you save can then go right into your nest egg.

Many people who pay for cable don't end up watching the bulk of the channels they get. If your long-term savings need work, consider cutting the cord and replacing cable with a lower-cost streaming service or two. You can then bank the difference.

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Can't remember the last time you entered the gym? Get a newspaper delivered daily you only read once a week? If you can say yes to questions like these, you're throwing money away that could help you build up your nest egg instead. Take a look at what you're spending on and cancel items of little value.

You may want to give your kids the best of everything -- the newest electronics, cool clothes, and the opportunity to pursue different interests. But if your nest egg is seriously lacking in funds, it may be time to cut back on splurges for your children. In fact, if they're old enough, you should encourage your kids to get jobs so they don't need to come to you for spending money all the time.

ALSO READ: How to Get Your Kids Interested in Personal Finance

It's noble to want to pay for as much of your kids' education as you can. But if you're behind on retirement savings, it's time to stop those 529 plan contributions and put more money into your IRA or 401(k). There are different options your children can explore for financing an education, and you shouldn't have to retire at a later age than desired to fund a series of costly college degrees.

You may only have so many opportunities to cut back on spending and ramp up your nest egg contributions. But if you're willing to get a second job or side hustle, you can use your earnings to fund your IRA or 401(k). And to be clear, your side gig doesn’t have to be something you can’t stand. You can turn a hobby like baking or crafting into an income source.

ALSO READ: 5 Summer Jobs You Can Turn Into Year-Round Side Hustles

The more valuable an employee you are, the more likely you'll be to snag a promotion. And that could be your ticket to higher earnings. Once your paycheck increases, you're likely to find that it's easier to increase your retirement plan contributions, so it pays to spend some time boosting your skills and learning new things.

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Investing heavily in bonds makes sense when you're in retirement -- not when you're trying to save for it. If you're worried you're not making good progress in the savings department, take a look at your investments. You may need to stop playing it safe and start loading up on stocks, which tend to be riskier but more financially rewarding.

Dividend stocks are a great investment to hold in your retirement plan, because you can take the payments you get and reinvest them for added growth. That said, you shouldn't buy stocks based on a large dividend payment alone. Rather, make sure you're investing in companies whose share prices are likely to rise over time.

ALSO READ: Is Loading Up on Dividend Stocks the Secret to Meeting Your Financial Goals?

If you have a 401(k) plan through your employer, you may be entitled to free money in the form of a company match. Make certain to contribute enough out of your paychecks to claim that match in full. It could help you catch up on savings and avoid having to extend your career.

You may not have enough savings to retire on time and spend your days traveling all over. But that doesn't mean you're doomed to a late retirement. If you're willing to make compromises, you may be able to retire on time but spend your time differently.

ALSO READ: Worried Inflation Will Wreck Your Retirement? Make These 3 Moves

You might not be in a position to retire on time and still manage your bills. But continuing to work full-time well into your 70s doesn't have to be your sole solution. You could instead plan to retire on time but work part-time for the first half of your retirement if that's what it takes to make the numbers work.

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Presented by Motley Fool Stock Advisor
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If you're behind in the retirement savings department, you might assume that ending your career at a later age is your only option. But it isn't. There are different steps you can take to catch up on building your nest egg. You can also change your vision of retirement so you're able to wrap up your career at a more desirable age.

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