Increase Your Retirement Savings

The secret to a financially secure retirement is simple: save enough money. But, as with most truisms, it’s much easier said than done. What’s a hard-working American to do? Here are some tips to help you increase your retirement savings.

Plan to work longer to help increase your retirement savings.

Increase your retirement savings

All of the following suggestions are much like “save enough money” — simple to understand, but sometimes very hard to do. If you’re successful however, you’ll have gone a long way toward ensuring a financially secure retirement.

  1. Make retirement saving a priority. If you want to increase the chances that you will stick to any course of action, you need to make it a priority.
  2. Figure out how much you need to save. According to the Employee Benefit Research Institute, more than half of Americans haven’t even calculated how much money they need to save for a comfortable retirement.
  3. Look at your current expenses. Now that you know how much money you should be putting toward retirement, it’s time to find that money…. Honestly look at where your money is going. Look for the waste. Stop spending money on things you don’t need (and probably don’t want), and put that money toward your retirement.
  4. Find ways to make more money. After cutting expenses, you still might not be hitting your mark. If this is the case, look for ways to make more money.
  5. Increase your automatic investment. Your best option for making sure that your retirement contributions increase is to automate your efforts.

And, one of my favorites:

Postpone retirement, or don’t retire at all (at least not in the conventional sense). Stay active. Find a part-time — or even a full-time — job doing something you really enjoy. Remember, you’re not working to replace your full-employment income, but to supplement your retirement savings.

Increase your retirement savings now and plan to supplement those savings after you “retire” and you’ll make that money go a lot further.

Click here to learn more about how you can increase your retirement savings.

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