August 21 is National Senior Citizens Day! Established by President Ronald Reagan in 1988, the purpose of the day is to make others aware of the issues that affect older adults and to acknowledge their accomplishments.
Whether you fall into the 65+ category or are quite a bit away from that, a subject that is top-of-mind for most is retirement planning. Itโs important to plan ahead so you can live comfortably once you no longer have a steady income. In this blog, we cover tactics to help you maximize your retirement savings.
Start early & set goals
The sooner you start saving for retirement, the more time your money has to grow through the power of compound interest. Open a retirement savings account, like a Roth IRA, to take advantage of competitive interest rates and begin building your nest egg. Set clear, attainable goals that consider factors like lifestyle, health care costs, and other expenses.
Contribute to employer-sponsored retirement plans
Utilize employer-sponsored retirement plans like 401(k) or 403(b) plans, especially if your employer offers matching contributions. Be sure to diversify your investments, too, to help manage risk and lead to better returns. Automating your savings will ensure consistent contributions to your retirement fund and keep you on track for meeting your goals.
Monitor & adjust regularly
Staying in-the-know about your retirement savings progress is crucial at any age. Regularly review and adjust your retirement savings plan based on changes in your life or the market. If youโre 50 or older, note that you can make catch-up contributions to your retirement accounts to save more as you approach retirement. Utilize online banking tools to monitor your account balances and track your progress.
Remember โ you worked your whole life, now itโs time let your money work for you. For help with saving for the future, reach out to us.
