Retirement Strategies

5/7/2018

If you are getting close to retirement and don’t feel comfortable with the amount of money you have saved, you are not alone. Studies show that relatively few workers feel confident that they have enough money saved for retirement. If you are in the majority, and do not feel confident in the amount of money you have saved for retirement, there are some strategies you can use to “catch-up".

Catch up retirement contributions

If you are 50 or over, and are current participating in a 401(k) plan, you may be eligible to make catch-up contributions to your 401(k). Catch-up contribution provisions also exist for those who contribute to IRAs. For more information, visit www.irs.gov/retirement-plans.

Save extra in non-retirement accounts

You can also save extra money in your other, non-retirement accounts for later use. Revisit your budget, and see where there are areas that you can cut back in order to free up extra money for savings. You could also take another job now, or find other ways to create more income.

Change your retirement investment strategy

Another way you can work to increase your retirement investments is to revisit and possibly change your investment strategy. Either analyze your own accounts, or visit with a personal finance professional to discuss your investment strategies. Seniors should review their investment strategies and rebalance their account at least once per year.

Postpone your retirement

Working even one year longer than planned can make a big financial difference. You might also consider working in a different capacity, such as becoming a consultant. Don’t rule out the possibility of embarking on an entirely different career path.

Research other income sources

Estimate your potential Social Security benefit amount by using the calculators at SSA.gov. Consider starting a business that you can handle while “retired.”

Jesse Campbell is the Content Manager at MMI, with over ten years of experience creating valuable educational materials that help families through everyday and extraordinary financial challenges.

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