81% of Gen Xers worry they won’t receive Social Security benefits. Here are 5 ways to boost your retirement savings now

Most Americans rely on Social Security benefits to help make ends meet during retirement. But there are concerns that the program’s financial difficulties could lead to reduced benefits for future generations. In fact, 81 percent of Gen Xers say they worry that they won’t receive their Social Security benefits when they retire, according to Bankrate’s recent Social Security Survey. 

Fortunately, you can take steps today to ensure your needs are met during retirement, whether Social Security benefits come through or not. A financial advisor can also help you assess your retirement plan and make sure you’re on target for your individual goals and time horizon.

Here are five ways to boost your retirement savings now. 

5 ways to supercharge your retirement savings

1. Make sure you’re receiving your employer match

One of the easiest ways to give your retirement savings a boost is to make sure you’re contributing enough to your workplace retirement plan to receive the full matching contribution from your employer, if available. For example, an employer may match your contributions up to 5 percent of your income, allowing you to have a total contribution of 10 percent of your pay, despite contributing only 5 percent on your own.

This type of matching contribution is like earning an immediate 100 percent return on your investment, which is a big reason why experts sometimes refer to matching contributions as “free money.” Be sure to take advantage of these contributions in your retirement plan if you’re not already.

2. Max out your 401(k) contributions and take advantage of catch-up contributions

Another way to boost your retirement savings is to increase your contributions to your 401(k) or other workplace retirement plan to the maximum amount allowed. For 2025, the maximum employee 401(k) contribution is $23,500 for those under age 50.

If you’re age 50 or older, you can contribute even more by taking advantage of catch-up contributions. Here’s the additional amount you can contribute depending on your age:

• Age 50-59: Can contribute an additional $7,500
• Age 60-63: Can contribute an additional $11,250
• Age 64 or older: Can contribute an additional $7,500

3. Contribute to a traditional or Roth IRA

If you’ve maxed out your 401(k) contributions, you can also increase your retirement savings by contributing to a traditional or Roth IRA. IRAs come with many of the same benefits as 401(k) plans, but you’ll have access to a greater selection of investments than you do through most workplace plans.

IRA contributions are limited to $7,000 in 2024 and 2025, but those age 50 and older can contribute an additional $1,000. If you haven’t made a contribution yet for 2024, you can make one up until the tax filing deadline of April 15, 2025. 

Here’s everything you need to know about traditional IRAs and Roth IRAs.

4. Contribute to an HSA, if eligible

If you’re still looking for other ways to contribute to your retirement, you may be able to contribute to a health savings account (HSA) if you’re enrolled in a high-deductible health plan. HSAs can be used to pay for eligible medical costs, but the money can also be invested and grow tax-free. 

The withdrawals you make to pay for eligible medical costs are tax-free, and once you reach age 65, you can withdraw the money for any reason (you’ll just pay taxes on withdrawals for nonmedical costs). HSAs are said to come with a triple-tax advantage because the contributions are tax-deductible, the money can be invested and grow tax-free, and withdrawals are tax-free when used for eligible expenses.

Here are the HSA contribution limits for 2024 and 2025:

• 2024 HSA contribution limits: $4,150 for self coverage and $8,300 for family coverage. Those age 55 and older can contribute an additional $1,000.
• 2025 HSA contribution limits: $4,300 for self coverage and $8,550 for family coverage. Those age 55 and older can contribute an additional $1,000.

5. Check your investment selections

Another way to increase the amount you’ll have available during retirement is by investing in higher-returning assets. If you’re still 10 years or more away from retirement, you may want to check your portfolio’s asset allocation to make sure you have enough invested in stocks. Stocks generally offer higher returns than bonds over the long term, so increasing your exposure can leave you better off down the road.

Bottom line

There are several ways to boost your retirement savings and curb your dependence on Social Security in the future. It may be helpful to work with a financial advisor to assess your overall portfolio and financial situation. Bankrate’s financial advisor matching tool can help you find an advisor in your area.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.