If there’s a race to build up retirement savings, Americans have been falling far behind.

A survey conducted by TD Ameritrade found that 62 percent of respondents acknowledged that they need to build up their retirement savings, with most willing to make changes in their financial habits to do so. The survey also found that there is a difference across the different generational groups, but all have room for improvement. Seventy-three percent of Generation X (ages 39-53) respondents, 66 percent of millennial respondents (ages 23-38) and 51 percent of Boomer respondents (55-73) shared that they are falling behind.

The great news is that, if you’ve fallen off track when it comes to saving for retirement, you can start making smart financial decisions to achieve your goals at any time.

Here are three ways to get back on track for financial success in retirement.

  1. Downsize: Take a good, hard look at your budget and find opportunities for cutting back. Determine what is necessary and what is a “nice to have” to find areas where you may have been overspending.
  2. Start today: There is no better time than the present. It doesn’t matter how far behind you’ve fallen in planning for your future. Wherever you’re at financially, you can start making better decisions today to set yourself up for success later on.
  3. Tap into your 401(k): If you’re employed and your employer offers a traditional 401(k) plan that you are eligible for, your pre-tax contributions may put you ahead again. Find out if your employer offers matching and start contributing at least that amount to take advantage.
  4. HECM loan*: This type of loan allows homeowners at least 62 years old to borrow from the value of their home without making payments. You keep the title to your home, and the bank recoups the money you borrowed later on once your house is sold, if property taxes or homeowners insurance goes unpaid, or after you pass away.

If you think an HECM loan may be a solution for you, I’d love to answer your questions and discuss your retirement goals. Don’t hesitate to contact me today.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.