Finance Globe

U.S. financial and economic topics from several finance writers.
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5 Ways to Save More for Retirement

Is retirement age closing in on you in a hurry? Are you worried that you don’t have enough money to hang up your work boots for good? If you find yourself in this position, you can take comfort in knowing that you are not alone. Of course, this won’t do anything to improve your financial situation.

Here are five ways to save more for retirement:

1. Max out your employer retirement plan. This is important for everybody, especially those with a matching contribution. If you are age 50 or older, don’t forget about catch-up contributions.

2. Contribute to a traditional or Roth IRA. This is a great way to supplement your employer retirement plan.

3. Spend less now so you can have more fun later. The less you spend now the more you will have later in life. This may mean making some changes, but you have to look at the big picture.

Note: once you have a budget you are comfortable with, saving more money will become second nature.

4. Postpone retirement. This is not something most people want to hear, but it is the perfect way to save more. Even if you only work an extra year, you will find yourself with more money when you finally decide to retire.

Tip: not only can you save more of your paycheck, but your Social Security benefit will increase with each passing year as well.

5. Downsize your home. Now that your children are grown up it is likely that you don’t need as much space. When you downsize your home, you may be able to hold onto some cash while also cutting back on monthly costs (such as a mortgage payment and utilities).

These are just a few of the many ways to save more for retirement. Although you may feel like you got a late start, you still have time to reach all your goals. Let the five tips above get you started.
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Thursday, 29 February 2024

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