Whatever career stage you’re in, it’s wise to save and invest 10%-20% of your pay for retirement. You’re never too young or too old to do something to make your future more comfortable. Here are five of the easiest things you can do to boost your retirement savings:
Take Advantage of Workplace Benefits
Does your employer offer matching contributions to a retirement plan? If so, ask your human resources department how take advantage of the company match. For example, if you have 5% of each paycheck withheld for your 401(k), your employer may contribute an identical amount. This extra money can help you reach your goals faster and with less sacrifice.
Open a Roth IRA
If you have earned income, you can put money in a Roth IRA. (There’s a workaround called a backdoor Roth if your income is too high.) Consider setting up automatic monthly contributions to make saving painless. Opening an account takes minutes.
Invest Your Retirement Savings
Having cash is better than nothing, but inflation will reduce the value of your savings over time. Low-cost index investing can help you grow your money.
Pay Off High-Interest Debt
When double-digit interest rates are eating into your cash flow, it can be challenging to get ahead. Consider a low-interest balance transfer or refinance to help you get out of debt faster so you can save more for retirement.
Review Your Insurance Coverage
Insurance is your financial safety net. It can protect your assets and future income against expensive medical bills, the loss of a household provider, a house fire or a personal liability lawsuit. The security your insurance provides can allow you to set money aside for retirement.
We can’t pay your credit card bills, but we can help you reassess your insurance coverage. Reach out anytime.