Never Too Late

If you’re in your 40s with little to no retirement savings, you might be freaking out. However, don’t get too worried — there’s still time to right this ship. The key is to jump on this opportunity immediately. Here are some moves to catch up and ensure your retirement is as comfortable as possible.

Cut Back

One way to give your retirement savings a quick boost is to cut back or eliminate a major expense. That could mean downsizing your home or even selling a car if you have two. Cut that big expense and put that extra money into your investments and/or retirement account. Cutting a big expense isn’t easy, but the days of easy saving strategies are mostly behind you. It’s time to make tough decisions to get yourself caught up.

Invest More Aggressively

If you choose to invest the funds you gained from cutting a big expense, you should go big. As USA Today suggests, making sure your investments are weighted toward stocks. You’re only in your 40s, so you have time to reap some rewards from investing more aggressively. Yes, stocks are more volatile than bonds, but they also typically offer the best returns.

Max Out

Make sure you’re maxing out your 401(k) and IRAs. This is especially important if your employer has a 401(k) match program. Do whatever you need to hit that match so you’re not leaving free money on the table. Increasing your retirement contributions even by a percentage point or two will significantly add to your savings in the long run.