CNBC: 5 Ways to Boost Your Retirement Wealth

Saturday, 23 Aug 2014 03:59 PM

By Dan Weil

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Those of us in our 50s are beginning to focus on how much we've saved for retirement and how much we'll need.

CNBC.com offers five ways to enhance your financial situation for retirement.

1. "Capture savings opportunities." If you have children, you generally are free of financial responsibility for them at some point in your 50s. Take advantage of that extra cash to save for retirement.

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

2. "Aim to max out your 401k, IRA and other tax-advantaged accounts." Workers 50 and up can contribute extra to their 401k accounts in an IRA. So do it if you can.

3. "Hang on to your job just a little longer." The longer you put off retirement, the more wealth you can accumulate by the time you get there.

4. "Strategize Social Security." The rule of thumb is that the longer you wait to collect on Social Security, the better, because that allows time for your benefits to build up. But if you need money soon, you may not have a choice.

5. "Curtail expenses." It always bears repeating that the less you spend, the more you can save.

Meanwhile, a plethora of recent studies show that we definitely don't have our financial house in order when it comes to retirement.

For example, 58 percent of workers and 44 percent of retirees report having a problem with their debt levels, according to a survey conducted by the Employee Benefit Research Institute earlier this year.

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

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