If you are over 50 and have delayed saving for retirement, you may still have time to fund your retirement by taking these actions now: Start saving. Max out your retirement contributions to IRAs and 401(k) accounts. If you are age 50 or older, you can contribute $6,500 per year to IRAs, and $60,000 per year to 401(k)s. Increase your income. Work more hours, negotiate a raise, or take a part-time job on the side. You could turn a hobby such as woodworking or quilting into a source of income. Consider selling possessions you no longer want or need on EBay, Craigslist, or OfferUp. Eliminate debt. Pay off higher interest accounts such as credit cards or consumer loans first. Eliminate your car payment, and pay off your mortgage by adding extra principle each month. This will allow you to live comfortably in retirement on a lower income. Postpone your retirement. Waiting just a few extra years to retire can make a big difference in your retirement income. Your savings will continue to grow, and your social security benefit will be larger as well. Just make sure you are saving more and paying off debts during those last few years at work. Plan to work in retirement. Obviously it’s not retirement if you are still working full time, but a part-time job may provide the extra income you need, with the added benefits of social and intellectual engagement. Consider consulting in your field, using your good reputation and contacts to take on well-paying short-term assignments. Or you could find a job that compliments your interests, such as working in a plant nursery if you enjoy gardening. Offer a service such as or being a notary, or making wedding cakes, or monetize a hobby. Use your house for income. Consider downsizing and investing the extra equity. This move can also lower your property taxes, utilities, and maintenance bills. A reverse mortgage is another option, as long as you fully understand it. You could also rent a portion of your home to a college student, or turn extra space into a rental on Airbnb. At Penny Lane Financial we can help you maximize your retirement income with advice on how to best take your social security benefits, tax strategies, and investments to help your savings last as long as you do.