Ways to Boost Your Savings for Retirement
Although saving for retirement takes effort, it may be easier than you think – there may even be “free” money available that can help. Here are some tips:
- Take advantage of an employer match. If they’ll match 3%, you’ve just covered 6% of your retirement savings goal when you add your contribution.
- Increase your savings rate just 1% a year, whether in an IRA, a 401(k) or some other dedicated account. Consider applying any extra savings you achieve to this account.
- Investigate additional opportunities at work, such as corporate profit-sharing plans; employer stock purchase plans (ESPPs); and employee stock ownership plans (ESOPs)
- Put money aside in tax-deferred accounts, such as a 401(k) or a traditional individual retirement account. Doing so can cut your tax bill.
- Consolidate your financial accounts to take advantage of potentially lower fees.
- Pay yourself first. Schedule automatic monthly transfers from your checking or savings account into your retirement account. This keeps you on track and ensures that you’re investing, regardless of market fluctuations.
Call our team today to schedule a no cost, no obligation appointment with one of our licensed financial advisors to help you save for retirement and customize a financial plan just right for you this new year.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC