What to do if you’re low on savings

By the time you reach your 50s, you can legitimately start to count down to retirement and begin making plans for your senior years. But what if your retirement savings balance isn’t as healthy as you’d like it to be?

You might assume that pushing back your retirement date is your best and only move. That way, you can work longer and pump more money into your IRA or 401(k).

The good news, however, is that postponing retirement isn’t necessarily your sole option. Here are a few ways to salvage the situation and retire when you want to.

1. Take advantage of catch-up contributions

Once you turn 50, you have the option to contribute more money to your IRA or 401(k) plan than your younger counterparts. With an IRA, you can make catch-up contributions of $1,000 a year. With a 401(k), you can contribute an extra $6,500. That additional money could get you closer to your ultimate savings target.