8 ways to accelerate retirement savings

Think outside the fund
1 of 8

You're approaching 50 -- or maybe you've even passed it by -- and it suddenly dawns on you that you need to fatten up your retirement fund in a hurry.

If you're in a high enough income tax bracket, the solution may be simply to think outside of the fund. While there are limits on how much money you can contribute to a tax-favored qualified retirement plan, you can save as much as you want somewhere else.

"Somehow people have a tendency to believe that the only money they can have in retirement has to have the word IRA attached to it … and that's just not true," says Scott Cramer, president of Cramer & Rauchegger, a financial advisory firm in Winter Park, Fla. "If you have maxed out your IRAs and your 401(k)s, don't be afraid to put money into a savings account."

Or you can open a taxable brokerage account.

From Cramer and other financial advisers, Bankrate got seven more strategies that late or slow starters can use to bump up their retirement savings.


Show Bankrate's community sharing policy

Connect with us