If looking at the balance in your 401(k) is a little underwhelming or even panic-inducing, there are still ways you can save now that will benefit you later. “Better late than never” especially rings true when it comes to funds for retirement.

Here are 5 surefire ways to rebuild your savings during middle age.

Push 401(k) Or IRA Contributions To The Limit

ndividuals can place up to $18,500 of pre-tax salary each year into their 401(k). However, this limit rises to $24,500 after you turn 50, which is all the more reason to max out your contributions later in life.

Tax-advantaged accounts like a traditional or Roth IRA also bump up the contribution limit for those 50 and older from $5,500 annually to $6,500.


Invest Extra Income

Another easy way to boost retirement savings is to immediately invest any extra cash you come by. This can include a bonus, raise, or even a tax refund.

Stocks and mutual funds are alternative investment options for those who have already maxed out contributions to a tax-advantaged retirement account.

Get A Little Risky

Having a higher ratio of equities will give your portfolio more potential to rise quickly, as opposed to conservative investments such as bonds and money market funds. This higher ratio will also carry risk, though.

Remember, don’t chase big returns with too-good-to-be-true investments. Instead, seek a balance of investments among different companies, industries, and indexes.

Reconsider The College Fund

Kids can always borrow money for tuition, but parents can’t take out a loan to pay for their retirement. This is an important thing to remember if you want to prioritize being financially independent as you get older. While this may be a dilemma for some parents, it may not be possible to fund both a college education and retirement. Choose wisely.

Stay Working

Working longer can also give your retirement savings a lift. Working Americans will qualify for Social Security benefits by age 67. As an incentive, however, the U.S. government will increase payments by up to 8% each year until age 70.

Finding another part-time job you enjoy may delay retirement, but it’ll help build a stronger foundation for your retirement future.