Imagine a place where you get up and realize that it is not the ideal situation for retirement! Many people face this common situation. The best way is to start saving early but in case you aren’t doing it, it is better to start saving now. For a better situation follow these top 5 last minute retirement tips that will help you sail the rough time of retirement with little ease:

1. Increase the employer match: If the company where you work is providing employer match, then, do make sure you maximizes it. There is no doubt to the fact that this is free money. In case you are missing on the maximum match, make effort to get the maximum match. As a best practice, boost the retirement account contribution to the maximum of your capacity. You can open an IRA If you are contributing to the maximum in the retirement account or 401 (k), this will help in making extra tax-advantage contribution.

2. Contributions to Catch-up: Adding catch-up contribution is possible even if you have turned 50. If you are maxing out the retirement accounts it is best to add in some catch-up contributions to help the cause.

3. Read about index funds and ETF: It is never too late to begin with the right asset allocation. Index ETFs and funds add diversity, are affordable, and assure decent growth. For inclining the portfolio you can always go for dividend stocks. For huge gains, dividend reinvestment plan is must as the earnings are compounded. Before investing in the dividends do contact an expert and seek his advice. For an effective retirement planning, you should know all the investment options available to you. For an independent and financial sound future, ING retirement’s professionals provide impartial advices to the people.

4. Plan for Long Working Span: Taking retirement decision is not an easy task. Lots of planning is required before taking up retirement decision. For some people it is suggested to have a longer career. Late savings call for long working duration so that the loses in the savings could be covered. However, you do not need to work for full time to build retirement portfolio. Consider working on freelance, part time, or consulting basis to earn some money. Home based business is also a good option. Consider all the options and then decide on the most suitable way to add to your earnings for a little extra time.

5. Cut Luxury Lifestyle: Cut down cost on current lifestyle to meet the daily needs and to increase savings. If you have a big home you can sell that off and shift into a smaller home and use the extra cash to make your retirement life easy. To increase the retirement saving you can cut down cost on restaurants and car by avoiding eating out and going by car, going for coupons is also a good idea.

The top 5 last minute retirement plans can add to savings and make retirement life better.