In a 2014 national poll conducted by Bankrate, more than a quarter of survey respondents age 50 to 64 said they had not started saving for retirement.¹

 

Of the many things you can do to play catch up, here are three of the most effective, applicable financial moves that will help ensure your retirement is as you envisioned …

 

One of the most straightforward ways to catch up on retirement savings is to contribute the most money you can to tax-advantaged accounts. That means maxing out the 401(k)s (at least contribute enough to capture the company match!), individual retirement accounts or Roth IRAs. If you’re self-employed, look into retirement plan options such as a Simple IRA plan, a Simplified Employee Pension (SEP) plan or a solo 401(k). Those aged 50 or older are allowed to make additional, “catch up” contributions to these retirement savings plans.

If you’ve got equity in home your home, you may be able to tap it for retirement money in any number of ways. One option is to downsize.

 

After all, selling your house for $350,000, and replacing it with one costing $275,000 boosts your retirement nest egg by $75,000. Plus, the first $250,000 in profits are tax-free ($500,000 if married).

Would you rather stay in your home as you enter retirement? Consider a reverse mortgage. These government-backed loans allow older homeowners (62 years or older) to convert some of their home equity into cash (The bank makes payments to you and you can use the tax-free funds however you would like.). Unlike other kinds of loans, you don’t have to pay back the debt immediately. Rather, the balance must be repaid when the last surviving borrower dies, sells the home or moves out.

While you may be tempted to start collecting Social Security benefits as soon as you qualify, try to resist this temptation.

 

After all, waiting can pay off. Consider this: Between the ages of 62 and 70, your Social Security benefits rise about 7 percent or 8 percent for each year you defer taking them. Where else can you get such a high return (guaranteed!) in today’s environment? Wait until age 70, and your monthly benefit can be 76 percent higher, on an inflation-adjusted basis, than if you claimed at age 62.

 

If it’s not financially possible for both you and your spouse to delay, one of you can take the benefits early to bring cash into the household and alleviate the financial pressures while the higher earner holds off until age 70. His or her benefits will grow and later ensure the largest possible survivor’s benefit.