7 Budget Hacks For Retirement

There are limits on how much you can put into a retirement account like a 401(k) for most of your working life (k). It's smart to put as much of your pay as possible into this fund. You should also take advantage of your employer's matching contribution programme, if it exists. This is a common benefit at mid-sized for-profit companies these days. But catch-up contributions are the big one when you turn 50.

Look into catch-up contributions.

When you turn 62, the years of having Social Security taken out of your pay start to pay off. But if you can wait a few years, you'll earn even more thanks to a programme called Delayed Retirement Credits.

Delay your social security.

"Reverse mortgages were made to help people aged 62 and up add to their retirement income. A reverse mortgage is different from a traditional home equity loan, such as an FHA or refinance loan, because you don't have to start paying it back until you leave your home or don't follow the loan terms."

Take out a reverse mortgage.

Getting a good financial advisor in your Rolodex is one of the best things you can do to prepare for retirement. You can't just walk into your local Bank of America and talk to the first person you see to find a good one, though.

Get a financial advisor.

Your first job set up your Fidelity account for retirement. TD Ameritrade is your second choice. Wells Fargo is your third pick. Soon, you'll be getting what seems like a flood of envelopes from banks every week with information about retirement accounts. This is all because you're trying to build up your resume.

Consolidate your retirement accounts.

When you worked full-time, you might not have thought much about small costs like Netflix or that fast internet. But when you are retired, these things can add up.

Get savvy about monthly bills.

If you're worried about retiring and have already done everything you can to build up your savings, you might be able to easily increase your monthly income.

Boost your income.

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