I Bet You Didn't Know These 15 Game-Changing Retirement Hacks

Saving for retirement is a tough task that takes even the best savers decades. But you don't need a six-figure income or a huge inheritance to retire comfortably. You just need a solid savings strategy. Here are 15 tips that will get you off to the races.

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Every time you get a raise, boost your retirement contributions before you do anything else. If you're ambitious, you might put the entire raise toward retirement. Or you could invest half of it and spend the other half.

Tax refunds, year-end bonuses, birthday money -- it's all fair game when it comes to investing. Even if it's not much, this could end up being worth a few thousand dollars after it's been invested for decades.

You may need to open an IRA if you want to invest these windfalls, though. You usually can't make one-time contributions to a 401(k).

Debt, particularly high-interest debt, ties up a lot of your cash and can hamper your ability to save for retirement. So it's best to pay this off as quickly as possible. Balance transfer cards are a big help for those with credit card debt. Personal loans could also work. Once you've taken care of these debts, you can redirect all the money you're now saving each month and put it toward retirement.

ALSO READ: Credit Card Debt: What You Can Do to Get Out

Downsizing, either now or in retirement, can save you money. You might move to a smaller home or a more affordable area and then put the extra money you're saving each month toward retirement. If you plan to downsize in retirement, start thinking about where you'd like to live and how your housing costs might change between now and then.

See if you can set up automatic transfers to your retirement account so you don't have to remember to move the money around on your own. If this isn't possible, leave a note for yourself or set a reminder on your phone so you remember to make your monthly contributions.

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A 401(k) match could potentially be worth several thousand dollars today, and it could be worth a lot more after it's invested for a while. So it's worth claiming whenever possible. Talk to your company's HR department if you're not sure how its matching formula works. Then, make 401(k) contributions your top priority until you've claimed the full match.

ALSO READ: How Well Do You Know Your 401(k) Match? Answer These 3 Questions to Find Out

Adults 50 and older are allowed to set aside extra money for retirement each year. In 2022, they can contribute up to $27,000 to a 401(k) -- that's $6,500 more than adults under 50 can contribute. They can also set aside an extra $1,000 in an IRA, bringing their annual contribution limit to $7,000. If you're able to take advantage of these catch-up contributions, you should do so. The extra money will help your nest egg grow much faster.

Normally, you can't save in a retirement account if you're not earning income during the year, but there's an exception for married couples. As long as one spouse is earning enough income to cover both partners' retirement contributions, the stay-at-home spouse can contribute to an IRA. This is known as a spousal IRA and it can help couples save up to $6,000 more for retirement each year ($7,000 if you're 50 or over).

A health savings account (HSA) is also a great place to stash retirement savings. Your contributions reduce your taxable income, just like traditional retirement account contributions. HSAs also allow you to make tax-free medical withdrawals at any age. You can also make nonmedical withdrawals, but you will owe taxes on these plus a 20% penalty if you're under 65.

You may contribute to an HSA as long as you have a health insurance plan with a deductible of $1,400 or more for an individual or $2,800 or more for a family. Individuals may contribute up to $3,650 in 2022 and families may contribute up to $7,300.

ALSO READ: 3 Ways to Get the Most Out of Your HSA

Don't let a lack of a 401(k) stop you. You can always open an IRA if you'd like to save more. And if you own your own business or have a side hustle, a self-employed retirement account is an option for you. Think about all the accounts available to you and weigh their pros and cons.

If you have all your money in tax-deferred accounts but think Roth accounts might suit you better, look into doing a Roth IRA conversion to save on your taxes later.

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Index funds are a low-cost investment that helps you quickly diversify your savings. They often contain hundreds of stocks, and most only cost anywhere from a few cents to a few dollars per year to own. These funds can have their ups and downs, just like any investment. But over the long term, they're great choices for investors of all skill levels.

Dividend stocks could offer you another income stream in retirement. These stocks pay a portion of their profits to shareholders on a schedule -- usually once per quarter. You'll probably only get a few dollars per share, but if you have a large nest egg, you could earn thousands of dollars per year just in dividends.

ALSO READ: 3 Dividend Stocks You Can Buy and Hold for Decades

You become eligible for Social Security at 62, but you may not want to sign up right then. Delaying benefits increases the size of your checks a little at a time until you reach 70. That's when you qualify for your maximum benefit.

Waiting to claim might not make sense if you have a short life expectancy or you need the money to help you cover your bills. But if neither of these things apply to you, delaying benefits might get you more money overall.

When most people think of Social Security, they think of Social Security retirement benefits for seniors. But those aren't the only benefits the program offers. It also helps support disabled workers. And then there's Supplemental Security Income (SSI) for blind, disabled, or low-income seniors. Social Security also pays benefits to the dependents of qualifying workers.

You can figure out which benefits everyone in your household qualifies for by using the Benefit Eligibility Screening Tool. Make sure you claim them all to ease the strain on your personal savings.

When you're struggling to save as much as you'd like, delaying retirement is often a smart move. Doing this gives you additional time to save while also reducing the length -- and cost -- of your retirement. But if you plan to do this, make sure you keep yourself in good health so you're able to continue working.

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These tips may not all apply to you right now, but it's a good idea to keep them in mind anyway. You never know how your financial situation or retirement goals could change over the next few years. As these changes occur, remember to review your retirement plan and make whatever adjustments are necessary to keep yourself heading in the direction you want to go.

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