How to Save for Retirement

Planning for the Future | 04/17/20

Your golden years should be the time for you to live the best life you possibly can. In order to do this, though, you’re probably aware that you’ll need to save money leading up to your retirement. But when it comes down to it, many people do not feel confident in their retirement savings. According to a NASDAQ article that cited a Fidelity report, “only 66% of boomers think they’ll have enough money to maintain the retirement lifestyle they want.”

So – how exactly do you save for retirement? Keep reading for a few tips on ways you’re able to maximize your retirement savings.

7 Tips and Ways to Save Money for Retirement

Here are seven ideas for saving money for retirement.

1. Contribute to an IRA: Consider starting an individual retirement account (IRA). You have two options: A Traditional IRA or a Roth IRA. In order to find the best option that suits your financial situation, discuss your plan with a financial advisor.
2. Contribute to Your 401(k): If your employer offers a traditional 401(k) plan and you qualify, you’re able to contribute to a retirement savings fund with pre-taxed money.
3. Meet Your Employer’s Match: Contribute at least enough to take full advantage of the match that your employer offers to your 401(k). This is essentially “free money” for you to add to your retirement savings.
4. Automate Your Savings: Scheduling automatic payments to deposit into a retirement account allows you to contribute to your savings every paycheck without even thinking about it.
5. Consider Delaying Social Security: For every year you can delay receiving a Social Security payment before you reach 70, your monthly benefit can increase. Pushing your retirement back even one year can help you in the long run.
6. Set a Goal: Knowing how much you’ll need for your retirement can make the process of saving easier when you know exactly how much you are aiming for. Sit down and consider your current expenses and what your expenses could be in the future.
7. Start Today: In order to maximize your savings, start as soon as you possibly can. When you start saving and investing, even if it’s a small amount, that money in your account begins to compound interest. The more you can invest now, the better off you’ll be down the road.

Talk to Sales Counselor at Stonebridge at Montgomery

At Stonebridge at Montgomery, our sales counselors are available to assist you in researching and evaluating your options. The best way to begin the process is to schedule a personal consultation. We’ll discuss your goals, preferences, budget and anything else you’d like to talk about. We can help you make sure you choose a plan that suits your budget and goals.

To learn more about financing your retirement, feel free to download our FREE guide, Protect Your Financial Future: Financing Your Retirement at Springpoint. Or contact us today to talk to a sales counselor and discover how affordable vibrant senior living can be.