More often than in previous years, Americans are struggling to retire comfortably. It’s harder than ever for people to save for retirement since pensions are becoming a thing of the past. With the bills and daily life expenses one has to manage, it becomes very difficult to find extra cash to set aside for retirement. There are several steps one can follow to help save some extra money and better prepare for their financial futures. We’ve listed some of them here for you.
- Employer match- If your employer matches 401k contributions, take advantage of it! Make sure your contributing enough to get the perks of employer matches. This can help you reach your retirement goals way quicker than if you tried to reach them solely on your own income.
- Automated contributions- Not only should you set up automated contributions, but you should also set up an automatic increase that will bump up the amount you save at interval levels. This will help you save more money for retirement without you even noticing.
- Investments- Make sure you make good investments. In addition, you must check the fees that apply to these investments. Review your accounts so you can see how much money you’re losing in added fees.
- Health investments- This is another way to save money. HAS accounts can help put away money towards medical expenses. In addition, money kept in these accounts can grow over time. This can be beneficial for retirement purposes and as you age.
- Limit spending- An easy way to start saving towards retirement starts with cutting out everyday expenses that are unnecessary, such as buying expensive coffee or buying lunch every day. Instead, make your own coffee, bring your own lunch, and take the money you’d spend on these items and put them into a retirement account!
It’s crucial for New Yorkers to invest in their retirement now. New York professional advisors can lead the way. You can begin with our simple guide to start planning.