Ron Carson, CEO of Carson Wealth Management Group, has three tips for those who started saving late for retirement or have suffered a financial setback that trimmed their retirement
savings.

"1. Increase income and savings.

2. Manage spending.

3. Increase investment return," he writes on CNBC.com.

As for income and savings, "in order to continue an income stream to contribute to retirement savings, some adults may need to work longer in life," Carson says. "This may not be the preferred choice. However, there are many benefits to remaining in the workforce."

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That includes health insurance from your employer, 401k plans and avoiding the depletion of retirement savings to pay for your living expenses.

On the spending front, "as retirement approaches and supplemental retirement savings are needed, it's also important to consider managing one's spending habits," Carson writes.

"This could simply include smarter consumption habits such as utilizing coupons, discounts or deals. In more extreme cases, some may choose to downsize their home."

When it comes to investments, "engage a wealth advisor to review your resources and help you create a plan for retirement," Carson advises.

In your 401k plan, pay careful attention to fees.

A recent study from law professors Ian Ayres of Yale University and Quinn Curtis of the University of Virginia found that participants in 401k plans on average pay almost a percentage point more in annual fees than investors in low-cost index funds available to the general public, The Wall Street Journal reports.

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