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How to Increase Your Retirement Savings

on Tuesday, 26 June 2018. Posted in Doctor of Fitness

When I retire, I’m going to __________ (fill in the blank). Whether retirement is decades away or right around the corner, chances are you have something in mind. Here are some ways you can make it happen:

Start early. One of the primary ways retirement funds grow is the compounding interest on the funds you put in. Essentially, you’re letting your money make money. The sooner you put money in, the longer it will have to grow.

Contribute to your 401(k). It’s money that’s working for you that you don’t have to manage. Even better, the money you invest into a 401(k) is tax free until you take it out, meaning it lowers your taxable income in the short term.

Meet Your Employer’s Match. Many companies don’t offer a 401(k) match anymore, but if yours does, by all means utilize it. Otherwise you’re throwing away free money for your retirement.

Automate your retirement savings. It’s hard to remember to put money aside for retirement. It can be doubly hard when you’re on a tight budget or saving up for something else. Make saving easier by automating it. The money goes straight where it’s supposed to before you ever see it, saving you from the temptation of spending it.

Delay Social Security. Up until age 70, the longer you can delay receiving social security payments, the larger your eventual monthly payment will be.

Yes, when I retire I’m going to __________ (fill in the blank.) To make your dream a reality, you’ll need to start filling in the blanks of your retirement savings plan. Use these tips to boost your retirement savings now!

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