Your golden years should be the time for you to live the best life you possibly can – but in order to accomplish this, you’ll need retirement savings. Unfortunately, many people do not feel confident in their retirement savings. According a new report by Fidelity that was cited in a recent NASDAQ article, “only 66% of boomers think they’ll have enough money to maintain the retirement lifestyle they want.” So – how exactly do you save for retirement? Keep reading for a few tips on ways you’re able to maximize your retirement savings.
Tips and Ways to Save Money for Retirement
- Start Today: Start saving for your retirement as soon as you possibly can. Even if it’s a small amount, these savings and investments will compound interest and grow in the coming years. The more you can invest now, the better off you’ll be down the road.
- Set a Goal: To find out your ideal retirement savings amount, sit down and consider your current expenses and what your expenses could be in the future. While it may be difficult to know exactly how much money you need to save, getting an idea will help you set a goal to aim for.
- Contribute to Your 401(k): If you qualify for a traditional 401(k) through your employer, contribute. This retirement savings is pre-taxed money that will grow over the years.
- Meet Your Employer’s Match: Your employer’s matched contribution is essentially “free money” for you to add to your retirement savings. Contribute at least enough to take full advantage of the match that your employer offers to your 401(k).
- Contribute to an IRA: Consider starting an individual retirement account (IRA) through either a Traditional IRA or a Roth IRA.
- Automate Your Savings: Scheduling automatic payments to deposit into a retirement account with each of your paychecks allows you to contribute to your savings without even thinking about it.
- Consider Delaying Social Security: Pushing your retirement back even one year can help you in the long run. For every year you can delay receiving a Social Security payment before you reach 70, your monthly benefit can increase.
In order to find the best plan that suits your needs, talk to your financial advisor. Together, you can look at your unique situation and consider the pros and cons of each option available to you.
Talk to our Experienced Sales Counselors at Springpoint
One way we ensure you’re living your best retirement lifestyle is by offering advice through our sales counselors. At Springpoint, each of our eight Life Plan communities offer personal consultations with our experienced sales counselors. At these meetings, we discuss your goals, preferred budget and anything else you’d like to talk about. We work with you to make sure you choose a plan that suits your budget and goals.
To learn more about financing your retirement, feel free to download our FREE guide, Protect Your Financial Future: Financing Your Retirement at Springpoint. Or contact us today to talk to a sales counselor and discover how affordable vibrant senior living can be.