3 Ways to Catch Up on Retirement Savings [Video]

Even if you’re close to retirement age, you can still make changes that will secure your financial future. Try these tips from Gobankingrate.com.

  1. Get out of debt and pay off your mortgage. Debt payments are stealing from your future. And the tax break from mortgage interest rates may be less than the interest you’re paying every year.
  2. Increase your saving. Put a larger percent of your salary in your company’s retirement program and take full advantage of your company’s match. If your company matches 4 percent, but you’re only investing 3 percent, you’re missing out. Make sure you’re saving at least 15% of your annual income for retirement and consider the catch-up option for your 401k contribution. You can also contribute to a traditional IRA or Roth-IRA. You can invest up to $5,500 a year if you’re under 50, or $6,500 a year if you’re 50 or older.
  3. Scale down your lifestyle. Say goodbye to some of the extras like your morning latte, and all those cable channels. As you get raises and bonuses, keep your lifestyle the same. Make more, don’t spend more.

How are you planning for your retirement? Share your ideas with us! 

Reprinted with permission from RISMedia. ©2017. All rights reserved.

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