15 Tips to Supercharge Your Retirement Savings

You'll often hear that it's a bad idea to retire on Social Security alone. Rather, you should aim to enter your senior years with a nice pile of savings. And if you're behind in that regard, here are some tips for not only getting on track but taking your savings up a notch.

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Following a budget could make it easier to track your spending. And from there, you may find that it's less difficult to consistently fund your retirement plan. There are different tools you can use to budget, so play around with some options until you find the right fit.

ALSO READ: I Used to Fail at Budgeting -- Until I Did This 1 Thing

Freeing up a nice amount of cash for your savings will be easier if you manage to slash one big expense in your budget. That could mean renting a cheaper home or swapping a higher-end vehicle for one that doesn't cost as much.

When it comes to boosting retirement savings, small changes can make a big difference. If you cut back on things like coffee purchases, streaming services, takeout meals, and rideshares, you may be surprised at how much extra money you're able to sneak into your retirement account.

Sending money into your retirement savings plan off the bat could help you keep up your momentum. Employer-sponsored 401(k)s allow for this by deducting contributions from payroll. If you have an IRA, it pays to see if your account has an automatic savings feature you can sign up for.

Many companies that offer 401(k) plans also match worker contributions to some degree. Aim to contribute enough to your account to snag that match in full.

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Once you turn 50, you can pump more money into your retirement savings. If you have an IRA, you can put in an extra $1,000. With a 401(k), your catch-up contribution is worth up to $6,500.

You may come into extra money during the year, such as a tax refund. Putting that cash into your retirement savings is a great and easy way to boost your balance without having to sacrifice the things you love.

ALSO READ: The Average Tax Refund This Year Is $3,025. Here's Why That's a Big Problem

Your pay might go up as you earn promotions or do a good job. If you make a point to save your entire raise each time you get one, you'll be able to boost your retirement savings nicely.

The less money you end up having to pay the IRS, the more you'll have available to save. It could pay to consult with an accountant to see what steps you can take to lower your personal tax bill.

Your retirement savings shouldn't just sit in cash. If that milestone is a decade away or longer, stocks are a good way to go. Though there's risk involved, stocks commonly lead to strong growth, and that could be your ticket to building a lot of wealth over time.

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A diverse investment mix could lead to solid returns in your IRA or 401(k) plan. Aim to own stocks across a range of market sectors. Or simplify the process by loading up on index funds, which offer the benefit of built-in diversification.

ALSO READ: How to Invest in Index Funds

If you own dividend-paying stocks, you have a prime opportunity to grow even more wealth. That's because you can set up your dividend payments to get reinvested automatically as they come in.

The gig economy is booming these days, so you have a prime opportunity to pick up work on top of your main job. And if you're willing to hold down a side gig, you can allocate your earnings to retirement savings.

The more money you throw out on interest, the less you'll have available to pad your retirement savings. Aim to steer clear of credit card debt in particular, as it could be very costly from an interest perspective.

ALSO READ: How Much Credit Card Debt Is Too Much?

You may be tempted to invest your retirement savings in actively managed mutual funds. But the downside there is that mutual funds tend to impose hefty fees that could eat away at your returns. That's why index funds may be a better bet -- they offer diversity at a fraction of the cost of their actively managed counterparts.

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You may be dreaming of a rewarding retirement filled with travel and great times. But it'll take money to make that dream a reality, and if you follow these tips, you might boost your nest egg to the point where you're able to meet all of the goals you set for yourself.

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