William Schantz Grant

How to Boost Your Retirement Savings

How to Boost Your Retirement Savings

Like most people, you probably haven’t saved enough for retirement. In fact, according to a recent study by the Employee Benefit Research Institute, 57 percent of Americans have less than $25,000 in savings and retirement accounts.

While it may seem like an insurmountable task to try to boost your retirement savings at this point, it’s important to remember that it’s never too late to start saving. Here are a few tips by William Schantz of Mid Atlantic Financial, LLC to help you get started.

How You Can Boost Your Retirement Savings

 

Take Advantage of Tax-Advantaged Accounts

According to William Schantz, there are several retirement accounts that offer tax breaks, which can help you boost your savings. For example, 401(k)s and IRAs allow you to contribute pre-tax money, which reduces your taxable income and, as a result, lowers your tax bill. Additionally, many of these accounts offer tax-deferred or even tax-free growth, which means you won’t have to pay taxes on the money you make in the account until you withdraw it in retirement.

Automate Your Savings

One of the best ways to make sure you’re saving enough for retirement is to set up automatic contributions from your paycheck into a 401(k) or IRA account. This way, you won’t have to think about it every month – the money will just be automatically transferred into your account. Additionally, many employers offer matching contributions, so you can actually end up doubling your savings.

Save More Than the Minimum

If you’re only saving the minimum amount required for your retirement account, you’re not going to have enough saved when you retire. Make sure you’re contributing as much as possible – especially if your employer offers matching contributions. If you can’t afford to contribute more right now, make it a goal to increase your contribution each year until you’re maxing out your account.

Invest Wisely

William Schantz believes that the earlier you start saving for retirement, the more time your money has to grow. However, even if you’re starting late, investing is still one of the best ways to boost your savings. When choosing investments, be sure to diversify your portfolio to minimize risk and maximize returns. And, if you’re not sure where to invest your money, seek out the help of a financial advisor.

Have a Diversified Retirement Plan

No retirement savings strategy is complete without a solid plan for how you’re going to generate income in retirement. Social Security will likely be a part of that plan, but it’s not enough on its own. Make sure you have a mix of investments, savings, and other sources of income to cover your expenses in retirement. There are many options available like annuities, pensions, and part-time work. Talk to a financial advisor to find out what makes the most sense for you.

Start Saving Today

The sooner you start saving for retirement, the better off you’ll be. But even if you haven’t saved much so far, there are still ways to boost your savings and ensure a comfortable retirement. By taking advantage of tax-advantaged accounts, automating your savings, and investing wisely, you can make up for lost time and build the nest egg you need.

The Conclusion

Saving for retirement can seem like a daunting task, but it’s important to start as early as possible. William Schantz has suggested various ways to boost your retirement savings. If done correctly, you will have a comfortable sum saved up by the time you reach your retirement age.

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