My how time flies. It feels like only last week you were graduating from high school. Yesterday you were starting your first career. Now you’ve arrived at middle age, and retirement will be here in the blink of an eye. Whether or not that thought causes feelings of elation or panic has a lot to do with your current retirement savings.

According to a recent survey by GoBankingRates, a personal finance and consumer banking website, 33 percent of Americans haven’t saved a dime for retirement. Twenty-three percent have less than $10,000 saved. The remainder have saved a bit more, but another survey—this one by Fidelity—found that only 45 percent have enough saved to cover essential expenses during their golden years.

Fortunately, there are methods you can employ to help you catch up retirement savings—whether you’re in your 30s, 40s or beyond.

1. Get rid of debt.
   The interest rate on revolving credit card debt can quickly eat away at the cash you have on hand to put towards your retirement savings. Pay down your credit card balances as quickly as possible, then sock those monthly payments away in an investment account.
   
   Paying off student loans and your mortgage may also be advisable—but that depends on your personal financial situation. Talk to your financial advisor about the best way to tackle your debts and free up more of your income for retirement investments.
2. Max out your retirement account contributions.
   It may take you awhile to free up enough income to reach the maximum contribution limits set by the Internal Revenue Service, but depositing as much as you can into a retirement account every year is essential if you want to catch up on your savings. In 2016, the 401(k) contribution limit is $18,000 for Americans under the age of 50. However, if you’re 50 or older, the maximum increases to $24,000. This year’s IRA caps are $5,500 for those under 50 and $6,500 for those 50 and older.
3. Make a few lifestyle changes.
   Are there things you can easily go without today in order to buy yourself a more comfortable future? If so, consider saying goodbye to those extras and putting the money you spend on them towards your retirement savings instead. Most of us have plenty of places we can reasonably cut back, from Starbucks lattes and dinner-and-movie date nights to cable channels we never watch and gym memberships we rarely use. In addition to trimming your spending, try to increase your earnings (perhaps with a second job or hobby that can generate income) and put that money into savings as well.
4. Downsize your home.
   A large home can be a major drain on your wallet. Not only do they generally come with larger mortgage, insurance and property tax payments, but they also cost more to heat, cool and illuminate. Whether you own your home outright or are still paying off a loan, you might want to consider downsizing. You can put any profit from the sale into retirement savings along with the monthly difference in your utility bills. To save even more, explore relocation to a city or state with a lower overall cost of living.

Are you worried that you won’t have enough money to retire some day? We can help. Give us a call today to review your current financial situation and get started making a plan that will have you where you need to be by the time you’re ready to retire.