7 Ways to Catch-Up on Your Retirement Savings

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6. Change Employment

If your workplace doesn’t offer a 401(k) plan with employer match, it might time to move to one that will. According to The Census Bureau, 79% of American workers have access to 401(k) or other retirement plans. But, if you one of the 21% that doesn’t it could be seriously affecting your retirement plan. This is one of the key factors that can hold people back from starting a retirement fund.

By moving to an employer that can offer you these great benefits, you’ll also be able to lower your taxable income and allow for investment growth. These plans make it easy to invest to so that you can make as much money for your nest egg as possible.  Additionally, working for an employer that can offer you company match on your 401(k), will set you up perfectly because you’ll have easy access to investment vehicles.

7. Create Cash-Flow

By overviewing your entire financial situation, you might be able to find an opportunity to increase your cash flow. Some decisions you can make include refinancing your mortgage. You might be able to switch to a mortgage with a lower interest rate than the one you currently pay. This will cut down your monthly expenses without you having to sacrifice any changes to your lifestyle.

You can make changes to your mortgage if your current rate is higher than available rates of today and after years of paying off the principal balance. It’d also be a great idea to pay it off sooner rather than later so that you won’t need to worry about making mortgage payments after you’ve retired. The same applies to any car or credit card loans you might have. Tackling these payments as quickly as possible will allow you to increase your cash flow later on.