2013 Retirement Resolution: Save More

As we approach the new year, many of us will be contemplating the tradition of making new year’s resolutions. With that in mind, here’s the first of several resolution ideas to improve your golden years — 2013 retirement resolution: save more.

Make a new year’s resolution to save more for your retirement.

2013 retirement resolution: save more

Save 1 percent more.

Set your direct deposit to your 401(k) or IRA to be slightly higher next year. “I would increase the percentage 1 percent, and if, after three months, I am paying my bills and having a little fun, I would raise that another 1 percent,” suggests Gail MarksJarvis, author of Saving for Retirement (Without Living Like a Pauper or Winning the Lottery). “If I am getting a raise in the new year, my resolution would be to provide half of my raise to a 401(k) or an IRA before I ever take that pay home.”

Given the problems with 401(k) plans — like excessive management fees and the risk of systemic failure — you should also think outside the box, like increasing your mortgage payment by one percent or finding other investment options that really do diversify and protect your investments.

You deserve a great new year and a safe and secure retirement, so plan ahead and commit to this 2013 retirement resolution: save more.

Click here to read more about 2013 retirement resolutions.

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