Fell Behind on Retirement Savings in 2021? 15 Ways to Catch Up in 2022

You'll need personal savings to enjoy a financially comfortable retirement. If you've fallen behind in that regard, here's some good news -- you can make 2022 the year you get back on track. Here's how.

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Following a budget will help you manage your money more carefully. And that could open the door to more generous IRA or 401(k) plan contributions. You can set up a budget using a basic spreadsheet, or go old school and create one on paper. There are also different apps you can use to track your spending.

Cutting back on one big expense category could make it easier to ramp up your 401(k) or IRA contributions. Think about the things you spend the most money on and figure out a way to cut back in a single area, whether it's housing, transportation, or food.

You may not be able to easily slash one of your largest expenses. But cutting back on smaller bills will help free up money for your retirement savings, too. Once you have your budget set up, you can more easily identify smaller expenses to reduce.

The lower your monthly debt payments, the more money you'll be able to pump into your IRA or 401(k). If you owe money on a number of credit cards, see if you can consolidate that debt -- and make it more affordable -- by doing a balance transfer. It especially pays to go this route if you qualify for a 0% introductory APR.

The less you spend on housing payments, the more money you'll have available to fund your 401(k) or IRA. If your credit score is in good shape, it pays to apply to refinance your mortgage. Getting a more affordable home loan could also help your overall financial picture improve.

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The great thing about 401(k)s is that contributions are deducted directly from your earnings. IRAs don't always work the same way -- but they can. All you need to do is find one with an automatic savings feature. From there, you can arrange to have money from each paycheck land in your retirement plan so you're socking money away off the bat.

ALSO READ: 3 Reasons to Automate Your Savings

If your pay is getting boosted in 2022, you have a prime opportunity to save more for retirement. Simply send your entire raise into savings since it's not money you were used to spending anyway.

You may come across extra money in the course of 2022, whether it's a tax refund or a reward for doing well at work. If you don't have pressing bills to pay, send that bonus cash into your long-term savings.

Boosting your income with a second job could be your ticket to growing your IRA or 401(k) this year. It pays to explore different side hustle options, whether it's walking dogs, doing data entry from home, or utilizing a specific skill you have to make extra money, like writing content or designing websites.

ALSO READ: 10 Side Hustles That Could Score You an Extra $100 a Week

Many companies that sponsor 401(k) plans also match worker contributions to some degree. Be sure to take advantage of your full employer match this year so you can sneak as much extra money into your retirement plan as possible.

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If retirement is many years away, it pays to load up on stocks in your retirement account. That way, you'll give your savings a chance to generate substantial growth -- enough growth, perhaps, to make up for years when you didn't contribute as much as you would've liked to.

If you're 50 or older, you're entitled to catch-up contributions in your retirement plan. If you have an IRA, you can put in an extra $1,000 this year. With a 401(k) plan, your catch-up maxes out at $6,500. Either way, that extra money could go a long way toward helping you meet your goals.

While it makes sense to save for retirement in an IRA or 401(k), you're not limited to these plans alone. A health savings account, or HSA, for example, can also help you build savings for retirement. You can even put money into a traditional brokerage account and earmark it for retirement if you've maxed out your IRA or 401(k) and have extra cash available.

ALSO READ: Should a Health Savings Account Take the Place of an IRA or 401(k)?

Sometimes, having a savings goal in mind makes it easier to stay on track. Think about the amount of money you want to put into retirement savings this year and then map out a plan to get there.

Closing out your career with a subpar retirement plan balance could have negative consequences, like having to delay retirement and enduring financial struggles during your senior years. It wouldn't hurt to occasionally remind yourself of those repercussions, because that might motivate you to increase your savings efforts.

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A lot of people are beginning 2022 with a retirement plan that needs work. If that's your situation, these tips could be your ticket to a more robust balance before you know it.

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