4 Ways to Boost Your Retirement Savings

Last Updated on May 10, 2021 by Ellen Christian

Are you wondering how to boost your retirement savings?  Now that I’m 50, and closer to the retirement age,  I’m starting to think about what’s going to happen in another 15 or 20 years.  Retirement age is traditionally around 65 or 70 years old and that’s not as far away is it once was. I received an email asking me to share some information with you. And, that really got me started thinking about how feasible it is to save for retirement on a budget.

Boost Your Retirement Savings

I’ll admit that Marty and I really haven’t given a lot of thought to our retirement savings. He had mostly manual labor type jobs that didn’t offer retirement plans and didn’t really pay enough to start one on his own. I have a few small 401K plans but they won’t amount to much when it comes time to retire. So, how can you boost your retirement savings on a budget?

In just three minutes, AceYourRetirement.org’s digital retirement coach, Avo℠, will provide a personalized action plan that highlights your top three action items – the simple, practical things you can do right now to make sure your retirement plan is on track.

Here are a few things that you can do right now.

While gathered with your family for the holidays, discuss your savings plans and long-term retirement goals, and what you can do today to achieve them. If you have kids or a spouse/partner, it’s important for everyone to be on the same page about your financial goals and priorities.

Start planning now what age you plan to retire and when you plan to start taking your Social Security benefits. Earning a few more years of income could really help you grow your nest egg, and delaying when you start collecting Social Security increases your annual benefit.

If your employer offers matching funds for your retirement savings plan, make sure you’re contributing at least enough to get the full employer match. Brainstorm ideas for earning money in retirement, such as turning a hobby into a source of income, or taking on seasonal part-time work.

Did you know that approximately two in five households headed by people age 55-64 – over 9 million households – have no retirement assets saved at all? Take time now to visit AceYourRetirement.org and learn how you can boost your retirement savings.

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