Life comes at you fast.
One day, youre 20 years old with a bright future ahead of you.
Next thing you know, youre 50 and realize youre notsaving enough for retirement.
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Hey, dont be embarrassed it happens to a lot of us.
In fact, 56% of Americans feel behind on saving for retirement, according to a BankRate survey.
Its never too late to boost your retirement savings.
But you shouldnt put it off any longer.
Youre 10 to 15 years away from retirement and still have enough time to make major changes if needed.
Got $1,000 in checking?
Thesesmart movescould help you reach your next big savings goal.
We asked professional financial planners.
Heres what they told us:
1.
If they match 3%, contribute 3%.
If they match 6%, give a shot to get to 6%.
Theres nowhere else youre going to get free money.
Try a Retirement Calculator
To visualize the power of compound interest, noodle around with a retirement calculator.
Then it predicts how much money youll have socked away by the time you turn 62.
Try out different savings amounts and risk levels.
Watch out for Hidden 401(k) Fees
Hidden fees can erode your retirement nest egg over time.
The personal 401(k) contribution max is 23,000 in 2024.
People in their 50s and 60s can contribute an extra $7,500 per year known as catch-up contributions.
Make a Plan
Sit down with someone who specializes in retirement income planning, suggests Dixson.
Wouldnt it make sense to figure out how much you actually need to save rather than winging it?
Reevaluate Your Spending
Write down everything you spend money on and how much you spend.
Circle the discretionary items that bring you the most joy, says McPherson.
Next, circle the ones you could do without.
Holding your income constant, something must be cut for you to save more.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
That sounds like it makes sense.
But dont get too conservative, say the experts.
Having a significant allocation to stocks is advisable for most individuals in their 50s.
Dont go crazy, though.
Dont get overly aggressive with stocks.
Sure, the potential for higher returns is there, but so is the potential for loss.
Ultimately, its all about balancing risks.
This income could be as little as $1,000 per month.
Read about15 Ways Retirees Can Work From Home and Make Extra Cash in 2024
9.
Be Prepared for Hard Choices
Most people dont start seriously saving until their kids are out of college.
Until then, retirement doesnt seem real, says Garcia, the Maryland financial planner.
There are loans for college.
There are none for retirement.
Heard of These Money-Making Hacks?
Ready to find out how some folks effortlessly earn the big bucks?
Millions of Americans ignorethese easy tipsthat could have you padding your wallet in no time.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He does not have enough saved for retirement.
We can’t personalize articles for our readers, so your situation may vary from the one discussed here.
