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The Crestwood Compass Blog

6 Ways to Save Money for Retirement

| 05/27/20


Your golden years should be your best years — you’ve earned them. Of course, having your retirement savings in place is crucial. Unsurprisingly, many people lack confidence in their current savings. According to the 2018 Retirement Confidence Survey sited by Consumer Affairs, “only six in ten American workers feel confident in their ability to live comfortably in retirement.”

That begs the question: how do you confidently save for retirement? Below are several tips to help you maximize your savings for a comfortable retirement.

How to Save for Retirement

There are many ways to grow your retirement in 2020. Here are six tips for saving for retirement today.

Goal Setting

There’s no better day to begin than today.

If you feel that your current investment strategy is not enough for a comfortable life after retirement, today is the day to make changes. Even a small amount makes a difference because it compounds over time. The more you invest now, the more you’ll have later when you are ready to withdraw it.

Set a goal or adjust your old one.

Many Americans are saving for retirement without knowing how much they will need. Whether you have a current goal that no longer seems realistic or you have never set an objective, sit down and examine your current and future expenses. This will give you a better idea of what you’ll need to thoroughly enjoy your retirement.

Investment

Take advantage of your 401(k).

Many employers offer 401(k) opportunities. If your company offers a 401(k) match, that is something you should consider taking advantage of. A match means your employer is investing additional money which results in a significant increase in your retirement fund later. But a match means you need to invest at least the given percentage for the full benefit. If they’re offering you a 100% match at 3%, you should always be depositing 3% of your paycheck.

Grow your IRA.

There are two different types of individual retirement accounts to choose between: Traditional and Roth. Both have their advantages, so you’ll want to speak with your financial advisor to see which option is best for your retirement plan.

Simple Solutions

Schedule automatic savings.

When you automatically deposit savings from your paycheck into your retirement fund, you don’t have to think about it. That means that you don’t have to worry about budgeting for it separately each month.

Delay Social Security for as long as possible.

Once you reach 70, you can begin receiving a social security check. However, for every year you delay it, your monthly benefit will increase. Postponing your retirement for even one year can benefit you in the long run.

Talk to a Sales Counselor at Crestwood Manor in Whiting, NJ

At Crestwood Manor, we want to ensure that your golden years are your best years. One way we do that is through the provision of experienced sales counselors who are readily available to help you with research and evaluating options. Through a personal consultation, we’ll discuss your goals, budget and any other concerns you make sure you select a plan that matches them.

If you would like to learn more about retirement finances, download our FREE guide, “Protect Your Financial Future: Financing Your Retirement at Springpoint.” You can also contact us at your convenience to speak to one of our sales counselors and see that vibrant senior living is within your reach.