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.

 

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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!

 

 

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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.

 

 

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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.

 

 

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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.

 

 

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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.

 

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