Boosting Your Retirement Savings Account At Any Age

Detailed retirement planning will ensure that you have enough money in retirement to support the lifestyle you want and cover any of the unexpected expenses that tend to crop up later in life. To increase your retirement balance and kick-start your contribution rate, we’ve listed three tips for boosting your retirement savings that you can start implementing today.

1. Make the Most Out of Employer Contribution Matching

If your employer offers 401(k) contribution matching, make sure you max out their matching threshold. Remember, this is essentially free retirement money and you can really handicap yourself by leaving it on the table at a young age.

2. Consider Opening an Individual Retirement Account (IRA)

After maxing out your employee contributions, you can often boost your retirement savings by opening a low-cost IRA. In addition to increasing your overall retirement account balance, a Roth IRA will also make it easier to maximize your tax savings during retirement.

3. Increase Your Contributions Right Now

Although Einstein’s famous quote has since entered the realm of cliché, everyone should still think of compound interest as the eighth wonder of the world. By increasing your retirement contributions right now, you’ll give your account more time to compound and more time to recover from economic contraction. Over a long compounding window, even small contributions now can make a big difference in your final retirement account balance. If you’re over the age of 50, you also have the option to commit tax-advantaged catch-up contributions to your 401(k) or IRA.

Photo: Pexels

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