It’s no secret that saving for retirement has become problematic for many Americans recently. Inflation and rising interest rates have put a heavy strain on wallets and left little to put away for later.

Learn more: 7 reasons you shouldn’t retire before speaking to a financial advisor

Find out: Cutting spending for retirement? Here’s the number 1 thing you should get rid of first

In fact, the median retirement savings of 55-year-olds is less than $50,000, which is “well below the recommended goal of having eight times annual income saved by that age,” according to a recent Prudential Financial 2024 Pulse of the American Retiree Survey.

Still, it’s never too late to increase savings. While it can be difficult and even daunting, experts say with a plan and some concrete steps, it’s possible to boost your retirement savings by $100,000.

“Adding $100,000 to your retirement savings is an ambitious goal, but with the right strategies it is attainable for many people,” said Chad Gammon, CFP, owner of Custom Fit Financial.

Here are some steps you can take to add that amount to your savings, according to experts.

Earning passive income doesn’t have to be difficult. You can start this week.

Be specific and realistic

First, some experts said you should take a moment to congratulate yourself on setting goals.

“Second, make a plan,” says Tanya Peterson, consumer finance expert and vice president at Achieve.

According to Peterson, the plan must be concrete and time-wise realistic.

She explained that it is not possible for most people to save $100,000 in one year, but it may be possible in five or ten years.

“By setting realistic goals, you avoid frustration over not making enough progress – and resist the temptation to give up working toward your goal altogether,” she added.

Warning: I’m a retired baby boomer: Here are 3 debts you absolutely need to pay off before retirement

Maximize matching contributions

Another way to increase your savings is to take advantage of employer contributions.

As Gammon noted, employer contributions are essentially “free money” that can significantly boost your retirement savings.

“Many employers offer to match a percentage of your 401(k) contributions, usually up to a certain amount — about 3 to 6 percent of your salary,” he said. “Make sure you contribute at least enough to get the full match.”

Automate your savings and contributions

Automation takes the guesswork and discipline out of saving consistently. In turn, Gammon said that by setting up automatic deposits into your retirement accounts, you ensure that a portion of your income is consistently going toward your savings without relying on manual transfers.

The story continues

He also pointed out that some retirement plans offer automatic increases, allowing you to increase your contribution rate by 1-2% each year until you reach the maximum allowable amount.

Track your spending and make your savings one of your “bills”

Of course, tracking expenses can be tedious and time-consuming, but in the long run it is worth it.

“Then take a close look at where you can save and use those savings for retirement,” Peterson said.

Another tip from Peterson: Make your savings a bill to pay in your budget.

Most credit unions and banks allow automatic transfers from checking to savings accounts, she said, adding that many companies also allow a portion of each paycheck to be deposited directly into a savings account.

“Choose a percentage of your income that you can save regularly,” Peterson said.

Change your habits

Michael Collins, CFA, founder and CEO of WinCap Financial, argues that one of the most effective ways to increase your retirement savings by $100,000 is to increase your savings rate, the percentage of each paycheck that goes toward savings.

“This can be achieved by adjusting your budget and eliminating unnecessary expenses, freeing up more money for your retirement savings,” Collins said. “Even a small increase in your savings rate can have a significant impact over time.”

Achieve’s Peterson echoed that sentiment, saying if you’re looking to boost your retirement account, you should think about how you could do some things differently in your life.

For example, Peterson says this could mean cancelling a gym membership and working out outdoors or at home instead. Or it could mean reducing the number of streaming services you use.

Make smart investments

For example, stocks and mutual funds generally represent growth.

“If you invest a good amount and keep funding, you can eventually reach $100,000 and more,” said Scott Lieberman, founder of Touchdown Money.

In addition, Gammon suggested investing in low-cost index funds, which he said are a “low-cost way to gain broad market exposure, potentially leading to steady growth over time.”

“By keeping fees low and diversifying your investments across a wide range of companies, you can benefit from the overall growth of the stock market without taking the risks associated with picking individual stocks,” he said.

Finally, you might also consider investing in assets that offer higher return potential than traditional savings accounts or CDs.

“This could include stocks, real estate or even starting your own business,” Collins said. “While these investments carry higher risk, they also offer the potential for higher returns over time.”

More from GOBankingRates

This article originally appeared on GOBankingRates.com: 6 Ways to Add $100,000 to Your Retirement Savings, According to Financial Experts