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Catch Up On Retirement Savings! B Y B. C ONRAD I F YOU ARE BEHIND IN YOUR RETIREMENT SAVINGS , YOU ARE CERTAINLY NOT ALONE . A SIGNIFICANT PERCENTAGE OF WORKERS SAY THEY ARE WORRIED ABOUT MAINTAINING THEIR LIFESTYLE IN RETIREMENT , AND SOME HAVE NO RETIREMENT SAVINGS AT ALL . ime is the enemy when it comes to retirement, which means the sooner you start playing catch up the better off you will be. No matter how close or far away your retirement plans are, there is still time to save. If you want to make up for lost time, here are some effective strategies that just might do the trick. I NVEST Y OUR T AX R EFUND , T HEN A DJUST Y OUR W ITHHOLDING Being eligible for a big tax refund feels good, but that does not give you license to blow the money. Instead of spending your tax refund this year, invest it in your future. When you invest your tax refund into an IRA or other tax-de- ferred retirement account, you can further reduce your taxes, giving you an added bonus while helping you catch up on the savings you have missed. Once you are done investing your current tax refund, take a minute to adjust your withholdings. That tax refund may feel like free money, but it actually means you have been paying a too-high tax rate all year long. Adjusting your withholding may mean a smaller refund next year, but it will also mean a bigger paycheck all year long. That bigger paycheck will allow you to catch up on your retirement savings even more quickly down the line. D OWNSIZE Y OUR R ESIDENCE Downsizing your residence is one of the fastest and surest ways to catch up on your retirement savings. If you have a significant portion of your wealth tied up in your house, selling the property and buying a smaller residence is a great way to boost your retire- ment savings. So if the kids have flown the coop and your nest is now empty, it may be time to move on by moving down. Downsizing your current residence could free up tens of thousands of dollars; money you can then use to boost your retirement savings. T AKE ON A S IDE H USTLE If you want to give your retirement savings a jump start, earning some extra money is a good way to start. Taking on a side hustle can give you the additional cash you need to catch up on your re- tirement savings, but the benefits do not end with that extra pay- check. Earning extra income through freelancing or participation in the gig economy also opens up a world of other possibilities, in- cluding the ability to open a SEP-IRA or fund a solo 401(k). These retirement programs, aimed at the self-employed, are among the most generous around, so you can save money on taxes today and enjoy a more comfortable retirement tomorrow. Whether you are at the start of your career or nearing the end of your working life, every new day brings you closer and closer to retirement. If you are worried about being ready, you need to catch up and do it fast. The strategies listed above can help you catch up quickly, so you can boost your retirement readiness and be more confident in your everyday life. n 22 AL/ Metro 360 www.almetro360.com MONEY MATTERS ......................................................................................................................... T