With retirees living longer than ever before, it’s becoming more and more important to accrue enough savings during your working years to help you live the retirement you deserve. The three strategies below can help you get your retirement savings up to snuff.
- Contribute the maximum to your workplace savings plan. First, if you aren’t contributing the maximum allowed amount to your 401(k), 403(b), or 457 plan, you should be. Additionally, if your employer matches contributions, then you should be putting in at least enough to earn your employer’s full match.
- Add an individual retirement account (IRA). Once you’ve maximized your workplace savings plan, continue by adding an IRA. You can choose from a traditional IRA (which grows tax-deferred), or a Roth IRA (which grows tax-free). Either type makes for a great retirement savings vehicle.
- Invest a certain amount each month or quarter. Lastly, consider investing on a regular schedule. By doing this, you’re taking advantage of an investment strategy known as “dollar cost averaging”. This strategy allows you to spread your purchases out over time, lessening the risk of investing in one single investment at the wrong time.1
Is your retirement savings strategy working for you? Chances are, it could be better. Feel free to call us and we can help you make the best choices for your future.
The information within this article is for educational purposes only and does not constitute legal or tax advice. Customers should consult their legal and/or tax professional regarding their own unique situation.
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