Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our financial professionals may have some strategies to help you turn your retirement income strategy around. Here are some things that our financial professionals recommend when it comes to boosting your retirement savings:
- Assess Your Financial Situation Honestly
This isn’t as easy as it sounds. When you were a kid and you were deciding how to spend the money you had, it was probably pretty easy to budget things out. But as we grow into adulthood, we earn more money, but our expenses get more complicated. It might be helpful to slow down and actually set aside time to look at how you are spending your money. Consider taking a night off to break down all of your expenses. This can help you to better understand your budget and help you trim any fat that you might not really need.
- Don’t Retire Right Away!
Delaying the time that you decide to retire may give you additional time to put money into your savings accounts. It may help you to build a bigger social security check,[1] and it will give you more time to make catch-up contributions to your accounts.[2] There are many potential monetary benefits to waiting to start your retirement. It’s understandable that you may want to jump right in and start your biggest vacation yet, but holding off may be the right move, depending on your financial situation.
- Consider Other Forms of Income
Maybe you just can’t wait to retire. That’s okay! If you’ve spent your whole life working toward your retirement, it can be pretty hard to hold off. But when you retire, it might be worth considering part-time income options or looking for ways to passively generate income. These things might allow you to supplement your savings and make your retirement less financially daunting.
If your retirement income strategy is still a mystery to you, consider reaching out to one of our professionals for a complimentary review of your finances today. We can take away some of the unknowns that come with retirement planning and give you a sense of what you need for your situation.
