Worried about your retirement savings? The simple answer is “save more.” But there are good strategies that retirees often put into place well after the time to act has passed. Retirement professionals suggest that around10 – 15% of our compensation should be saved for our retirement years. Fidelity Investments’ New Retirement Savings Assessment report found that, on average, American households can expect their monthly income to decline about 28% a month in retirement. Nearly four-in-10 (38%) of retiree households say they don’t have enough income to cover their monthly expenses. It is always wise to make proactive choices in a timely manner in favor of increasing your retirement savings. Here’s a short list of tactical savings ideas to consider:

1. Don’t Max Out Your 401(k) : Despite what you’ve heard, stuffing all your spare cash into your employer’s 401(k) savings plan isn’t always a wise strategy. Instead, consider contributing only as much as you need to get your company’s full match. Then stash any extra retirement savings in a Roth IRA — available from a bank, broker, or mutual fund – where earnings and withdrawals are tax free. The largest possible Roth IRA contribution in 2008 is $5,000 or $6,000 if you’re 50 or older.