Outliving one’s retirement savings is a scary prospect for many Boomers, especially in the event of a health scare or other financial crisis. But there are ways Boomers can avoid a meager retirement, and instead enjoy the Golden Years without financial worry.
Some of the best ways to save more money for retirement are also the easiest, and here are five simple ways to put away more funds, courtesy of US News and World Report. Feel free to print this out and discuss with your retirement investment advisors:
1/ Piggy-back of your company’s contributions- Many employers in both the private and public sectors offer retirement savings matching, or 401Ks, so take advantage of this if you can.
2/ Don’t forget about old savings- When you leave one job and move to another, don’t forget about any funds you may have in your old company’s plan. It might not be much, but it’s your money, so keep it.
3/ Become a homeowner- It’s often easier said than done, but despite the rocky housing market in recent years, owning a home builds equity that will offer support in your later years.
4/ Don’t spend it all at once- If you will be inheriting a large sum of money from a relative or from a fund, that will help allay some retirement worries, but make sure to save some of it for an emergency. No matter how wealthy you are, that’s always good advice.
5/ Re-consider your expenses- Think about how you would like to spend your retirement. For example, travel is expensive, and if it’s not your dream, don’t feel pressured to travel simply because you’re retired. Retirement is a time to do what you want, so enjoy!