7 Ways to Catch-Up on Your Retirement Savings

iStock.com/Paul Bradbury

4. Downsize or Relocate Before Retirement

It can be a great idea to move house before you retire. In fact, it’s one of the most effective ways to save money. By reducing your living costs, it’ll allow you to make bigger savings so you can contribute to your nest egg. This might feel like a huge step, but it can be detrimental to your bank balance. If you retired in your current situation would you feel financially secure?

If the answer is no, it’ll help to move to a cheaper place. By downsizing, you’ll make money from selling your more expensive house. And with a little research, you can move to an area with lower living costs. Some states will tax your Social Security and retirement payouts, so it’s important to find a place where you can stretch your nest egg the furthest. If you’re thinking about moving, you might like to read our article, The Best 15 States to Retire In.

Looking for easy ways to improve your budget? Sign-up to get free updates from us

5. Earn Side-Income

If you find yourself with some extra time alongside your regular job, it might be good for you to start a side-business. While all our previous points are about ways that you can save money, it’s undeniable that the most effective way to increase your retirement fund is to generate more income. The side-money doesn’t have to be huge amounts either. You could simply try to earn extra to make catch-up contributions.

An easy way to start is by looking at your hobbies and interests and figuring out how you can monetize them. If it’s something that you already enjoy outside of the workplace, then it won’t feel like a second job at all. But, if you can’t think of anything, why not browse social media and see how other side-entrepreneurs are earning? Additionally, you could take an online course to give you an edge over the marketplace.