Playing retirement catch-up.

We're often advised to start saving and investing for retirement decades before we quit the work force. But what if you are within 10 years of your planned retirement and you don't have nearly enough socked away? What should you do? Here are five tips.

• Make retirement your top financial priority. That might mean passing on the bigger house, skipping lavish vacations and putting your retirement ahead of your children's college.
• Take a hard look at your everyday spending and see if you can squeeze out additional monthly savings. Even a little extra can make a big difference. For example, if you have $40,000 and it grows at a hypothetical 5% annual return, you would have some $65,000 after 10 years. But if you could add just $100 a month to that stash, you would have almost $81,000 after 10 years. What if you could save $200 a month for the next decade? Now, you're looking at more than $96,000.
• Max out your contributions to your employer's 401(k) plan and your Individual Retirement Account, including taking advantage of catch-up contributions that are available starting at age 50. In 2011, if you are age 50 or older, you can contribute as much as $22,000 to a 401(k) and $6,000 to an IRA.
• Consider working a few years longer. That will give you more years to save and potentially to earn investment gains.
• Take a part-time job during your initial retirement years. That way, you may be able to hold down your portfolio withdrawals during the early part of retirement. Working part-time may also allow you to put off claiming Social Security, which would mean a bigger monthly check.

One warning: Think twice about moving into riskier investments to make up for lost time. Instead, talk with your Financial Advisor about whether your portfolio has a mix of stocks and bonds that is suitable for your situation.

INVESTMENTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

This material is for informational purposes only and does not constitute a solicitation to buy or sell the securities, insurance products, investments, or other products named.

The strategies do not necessarily represent the experience of other clients, nor do they indicate future performance. Investment results may vary. The investment strategies presented are not appropriate for every investor.

© 2011 Citigroup Inc. Citi Personal Wealth Management is a business of Citigroup Inc., which offers investment products through Citigroup Global Markets Inc. ("CGMI"), member SIPC. CGMI and Citibank, N.A. are affiliated companies under the common control of Citigroup Inc. Citi and Citi with Arc Design are registered service marks of Citigroup Inc. or its affiliates.