Finance Globe

U.S. financial and economic topics from several finance writers.
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Quick Tips for Saving more Money for Retirement

Quick Tips for Saving more Money for Retirement

If you find that you are not saving nearly as much money as you should for your retirement, it is easy to believe that you have to make major changes to your daily life in order to catch up.

While there is nothing wrong with making big changes that can have a positive impact, don’t overlook the fact that a few minor adjustments can do wonders for your retirement planning.

Here are three quick tips for saving more money for retirement:

1. Make it automatic. By having money deducted directly from your paycheck and deposited into a retirement account, you will never be tempted to spend it elsewhere.

Check with your employer to see if this is a possibility. You may be surprised at how this one change can keep you on track.

2. Small amounts add up over time. You may think that investing a couple dollars here and there is a waste of time and money, but nothing could be further from the truth.

Consider this: even if you only add an extra $20 per month, over the course of the year you will have saved another $240. After 30 years, you will have saved another $7,200, plus interest. Now do you see how small numbers can add up over time?

3. Put unexpected money towards your retirement. Did you recently receive a bonus at work? How about a tax refund? Rather than spend this money on something you don’t need, put it towards your retirement and watch the money grow over time.

How do you feel about these three tips? No matter who you are, you can implement all three ideas and soon begin to take full advantage.

It will not be long before you are making progress, realizing that saving more for your retirement can be a simple task.

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Friday, 23 August 2019

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