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Retirement savings is one of the most important financial responsibilities in our life. But with longer life spans, unpredictable stock market and increasing job losses, it's necessary to find out and implement some effective tips to increase your retirement savings right now. Read on to be aware of 4 tips that can boost your retirement savings without much hardship.

Tips to raise your retirement savings

Here are the 4 interesting tips that can help you save more for your retirement years:

1.Increase your contribution: You are allowed to contribute up to $16,500 into your 401(k) account till 15th April 2011. If you're above 50 years old, then you can save up to $22,000. The limit is same for the traditional IRAs and Roth IRAs. So, take advantage of this golden opportunity and max out your retirement savings.

2.Increase your savings: According to a recent survey, workers contribute only 7.5% of their earnings to their retirement savings accounts. However, financial experts are of the opinion that most individuals should contribute minimum 15% of their income to their retirement accounts. So, start saving more from the beginning of a financial year.

3.Take advantage of special savings accounts: Putting your retirement contributions on hold is not a good idea when you don't have a regular income. In such a situation, you should take advantage of spousal IRAs (specially designed for the non-working spouses) and Roth IRAs. You should know that Roth IRAs are very helpful for the individuals with irregular income. The reason is, individuals can contribute to this retirement account after making the tax payments on it. This implies that you can decide upon the contribution amount after analyzing all your other expenditures. So, if you think that the tax rate will increase in future, you'll benefit.

4.Invest in good mutual funds: Invest in good mutual funds. This is specially the case if you have some money to invest. It is better to invest in those mutual funds that have secured a high rating from a good mutual fund rating service. This will help you save a good amount of money in your retirement savings account.

Finally, it is important to review your retirement plan once in every year. It is also better to analyze your retirement planning after any major event like divorce, marriage, etc. To make sure that you're taking correct steps to increase your retirement savings, feel free to consult an experienced financial planner.

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