Corey Advisors Shares 7 Ways to Boost Your Retirement Savings

Retirement is one of the greatest goals a working man can achieve. But in reality, there are many Americans who cannot afford to retire and are working well into their seventies and eighties. Many of these people did not make the correct choices or circumstances, did not allow them to save for retirement or maximize what little savings they had.

If you are reading this, I’m sure you do not want to be in the same boat as the poor people who are still working in their seventies and eighties so if you have retirement savings or you are about to start on the road to retirement savings and want to know how you can boost your retirement account then read on to hear some great tips from Corey advisors. With these 7 great tips, we can teach you how to maximize your retirement savings and plan for a comfortable retirement in your autumn years.

1. If you haven’t started already, do it now!

There are many people out there that say that it’s too late to start saving for retirement, but that is inaccurate. Even if you start saving 15 years before retirement with the right mindset and taking advantage of maximum savings, you can have a comfortable nest egg for your retirement.

2. Take advantage of savings matching

If your employer offers a saving matching program where they will contribute the same as what you do into your 401k, then take advantage of this by contributing the maximum you can to your account. Remember that in the short-term you will not have that extra money, but it is taken out pre-tax, so it lowers your tax bracket right now.

3. Open an IRA

When it comes to saving, you have to diversify your funds as such it would be good to open an IRA or individual retirement account. With these accounts, you have access to a slightly higher rate of interest on your account, and it is another nest egg in case your 401k should fail.

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4. Turning 50 offers you another chance

When you turn 50 if you have an IRA whether it be traditional or Roth, you are allowed to contribute up to $7,000 in addition to what you contributed to catching up if you weren’t able to contribute the full amount of money each year to your IRA before turning 50.

5. Set a budget, already!

It may surprise you to know that only one-third of Americans have a budget. If you are struggling to save money for retirement or even just for emergencies and shake your head wondering where your money is going every month, I wonder if you have a budget? It’s important to make a budget so you can see how you were spending and where you can cut the fat. You may not think that you are overspending or spending frivolously but with a budget and the numbers in black and white, you will surely see where you need to improve.

6. Set realistic goals for your savings

Set goals for yourself and tell people about your plans to save for retirement. With social accountability, you are more likely to do as you say and save money. But don’t make unrealistic goals such as saving $1000000 in 5 years if you only earn $60,000 a year, there is no way, barring a miracle that you would save that amount of money in 5 years. When you set low bar goals, it will make it easier to move the bar up higher and achieve financial freedom for your retirement.

7. Save your change

Look around your house right now, do you see loose change everywhere? Well, why not empty out the pockets, clean out the cupboards and check under the sofas for any change you have? People often disregard their change and leave it lying around, but your change is hard-earned money too. Be nice to your hard-earned money and put it in a jar for Christmas.

Saving money and coins for the future

There are lots of different ways to boost your retirement savings from part-time jobs to save extra money, to adding more to your IRA, but in reality, you are the only one who can decide whether you are going to knuckle down and save what you need for retirement.

If you are in a position where you are feeling overwhelmed or you need help to figure out how you can make a plan to save for retirement, then why not consider seeing a financial advisor such as Corey Advisors for a consultation. Here at Corey advisors we can help you set attainable goals, show you where you’re going wrong with your spending and how you can improve. With our help and the right attitude from you, you will surely see a comfortable retirement.

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