3 Suggestions for Retirement Savings

3 Suggestions for Retirement Savings

Saving for retirement always manages to sneak to the back of our minds.  However, we should remember how important decisions made now will be in the future. Regardless of whether you started as soon as you took your first job or have 15 years until your goal retirement age, you must consider ways to save now.

 

View this post on Instagram

 

A post shared by E.D. Locke Public Library (@mcfarlandlibrary) on


There are complicated savings plans and ideas out there but here we will examine three suggestions for retirement savings that are easy to understand and will increase your retirement fund. If you have not started saving or are looking for some new ideas, try one of these suggestions today!

 

 

View this post on Instagram

 

A post shared by Ingham Retirement Group (@inghamrg) on


Employer Matching Plans

The best money is free money. Employees frequently leave money on the table and miss out on the matching programs companies are offering. Taking advantage of the employer matching retirement savings programs is the easiest way to build your savings without trying.

You should dedicate yourself to saving the full match percentage. If your employer matches up to 6% and you are saving only 3%, find that other 3% in your budget somewhere. Again, we are talking free money.

 

 

View this post on Instagram

 

A post shared by The Money Mentor (@latriceprater) on


Take Advantage of HSA Plans

Health Savings Accounts are tax-free. Yes, completely tax-free. When you contribute to your HSA, no taxes are taken out. While the funds sit in an HSA account no taxes are charged. Finally, when you use your HSA on health expenses, there is no tax paid.

Health Savings Accounts can accumulate indefinitely until retirement and you can use the tax-free funds you have saved for post-retirement health care expenses. These expenses include medical premiums and prescription medications.

 

 

View this post on Instagram

 

A post shared by @debtfree415 on


Utilize an IRA Plan

While employer programs are great, not everyone has an employer that offers those programs. Even freelancers and part-time workers should be thinking about saving for retirement, and the IRA plans offer tax-advantaged ways to save for the future.

Essentially, an IRA will allow you to avoid taxes now through an annual deduction or allow you to avoid taxes later via tax-free disbursement.

 

 

View this post on Instagram

 

A post shared by Balancing Budgets & Beer (@balancingbandb) on


Conclusion

While you may not be able to put away as much as you like, taking advantage of retirement savings plans can help you build your savings. These plans allow you to save more by providing advantages like dollar matching and tax breaks. Find a way to save that works for you and enjoy you can look forward to enjoying your retirement.

 

About Author

Related posts

Selling off Bulk Assets in California

Are you a struggling business in California considering a bulk sale (or bulk transfer)? While you might just want to overload everything you own and be done, there are still some rules you have to follow. If you are looking to get out of your business, throw in the...

Read More

Top Changes In Payroll In 2018

As another year passes us by, so does a whole new year of payroll laws. Just as everyone in the Human Resources Department is wrapping their heads around all the changes 2017 brought, 2018 dumps a bunch more on their laps. Let’s take a look at the top changes...

Read More

Give a Reply