Many adults nearing retirement age worry about not saving enough for retirement, with 1 in 5 having no retirement savings at all. It can be disheartening. However, there are steps you can take to prepare for retirement, such as creating a budget and saving more.

To start building up retirement savings, make changes to your monthly budget. Track your spending, cut back on discretionary expenses, and implement a budgeting strategy like the 50/30/20 budget, zero-based budget, envelope budget, or pay yourself first budget.

Maximize retirement savings by investing in retirement funds like a Roth IRA and 401(k). Even if you’re starting late, contributing annually to these accounts can help you catch up on funding. Roth IRAs offer tax breaks and growth potential, while 401(k) accounts may come with employer matches.

By contributing to retirement accounts and maximizing distributions, you can accelerate your retirement savings and take advantage of tax benefits. It’s never too late to start saving for retirement, and every little bit helps in securing a comfortable future.

Read more at Yahoo Finance: Saved No Money for Retirement at Age 50? These Are Your Best Options To Catch Up