If you said “winning the lottery” or “inheriting money,” you’re missing the big picture. While it might be fun to dream, the only sure way to have enough money to live comfortably throughout your retirement is to save it yourself. No matter what your income level, you can maximize your retirement savings by following a few simple principles.
Nothing provides a boost to your retirement savings like starting to save early in your working life. Over the years, time and compounding have the potential to help you accumulate a healthy nest egg. If you’re age 50 or older and need to save more, consider making catch-up contributions to your employer’s retirement plan if they are available to you.
When it comes to retirement savings, the difference between the haves and the havenots may come down to one basic factor: consistently following a long-term investing strategy. Consider investing a percentage of your pay on a regular basis. Revisit your portfolio at least once a year, and make any necessary changes.
Save in Your Workplace Plan
It may be easier to reach your retirement savings goals if you participate in an employer’s 401(k) or other retirement savings plan. Try to contribute as much as the plan allows — or at least as much as you can reasonably afford. At a minimum, contribute as much as your employer will match. If your employer doesn’t offer a plan, consider the tax advantages of investing in a traditional or Roth individual retirement account (IRA).
Consult Your Advisor
Working with your financial professional can help you meet your retirement goals.
Make an appointment today to review your strategy.