While it is best to begin saving for retirement well in advance, it is never too late to improve your finances as you face impending retirement. Try these three saving strategies to take control of your retirement planning:
- Save, Save, Save—If you haven't been saving for your retirement throughout your career, or if you have had to dip into some of your retirement for emergencies, try to save as much as possible between now and your proposed retirement.
- Consider Part-Time Employment—If you can continue working, consider part-time employment. Working longer enables you to continue earning, which in turn will give you additional time and funds to go towards your retirement.
- Think about Downsizing Your Home—One strategy that you can take for last-minute retirement saving is to downsize your home... If you have more bedrooms than are needed for this stage of your life, consider downsizing.