Since I’m getting so close to my retirement date, it’s important to remember what it felt like just starting out. It’s been a long and interesting journey from realizing my savings wouldn’t sustain me during retirement to actually packing up my office and making travel plans. I realized this when I received the following question last week in my e-mail.

Q:  I’m in my 40s and haven’t saved nearly enough to prepare for retirement. How can I “turbo-charge” my retirement savings to catch up?

A:  The good news is that you still have a lot of peak earning years ahead of you. Many people don’t hit their professional stride until they reach their 40s, 50s and 60s, and they have their best earning years, by far, late in life. If you qualify for a traditional pension, so much the better, because many systems use your highest-paying three or five years to calculate your benefits. These traditional pensions, however, are getting quite rare.

The bad news is this: Interest rates are at or near record lows. That’s great for borrowers, but it makes things a lot harder on savers. Chances are, you will need to save a lot more money to generate a given level of retirement income than your forebears did a generation or two ago.

Here are some principles:

Rein in spending sharply. Learn to enjoy cooking, rather than eating out. Cut back on cable TV packages and take up exercise instead. The lower your monthly expenses, the more free cash flow you will have available to invest. All solutions to your problem start with this one step.

Pay down consumer debt and credit card debt. With credit card interest rates in the high 20s for some people, this is often the very best return on your investment you can get. Every dollar you pay down in credit card debt sooner or later nets you a return on investment equal to the interest rate on the card – with no risk, and no taxes due.

Next, make sure you are making the most of your tax-advantaged retirement savings opportunities. Are you working for someone else? Increase your 401(k) contributions. Maximize your IRA or Roth IRA contributions if you are eligible.

Are you renting? It might be time to buy. That may sound expensive now, but interest rates are extremely low as of this writing. If you’re in your 40s, you will have that 30-year mortgage paid off in your 70s. At that time, you may want to convert the equity in your home to a stream of income via a reverse mortgage. It’s not for everyone, but if you rent rather than buy, you won’t have that option. You can make that decision when you get there.

Investing wisely is important, but remember to save money in “safe” options as well. There’s no substitute for healthy cash reserves in your credit union account, whether in checking, certificates or other conservative savings options. Most of your success is going to come from controlling spending decisions, rather than from making brilliant investment decisions.

When it comes to those brilliant investment decisions, remember to reach out for help. Find a financial advisor you can trust who has the professional experience of guiding many people to a successful retirement. I recommend heading into Afena Federal Credit Union and setting up an appointment with Florence Brown. Tell them Tina sent you.