How Can I Increase My Retirement Savings?
Your retirement savings determine how comfortably you will live in retirement. When planning for risks you should consider inflation, market volatility (sequence of return events), health related costs, and longevity (people are living longer).
Here are some impactful strategies to boost your retirement savings:
1. Start today. There is no substitute for time and the benefit of compounding returns. The sooner you get started the longer your money has time to grow and benefit form compounding returns in a tax advantaged account.
2. Set up an Automatic Payroll Deduction. Consistency is a huge factor in achieving your retirement goal, and you will benefit from dollar cost averaging.
3. Take advantage of your employer match if one is available. It’s free money!
4. Consider a taxable investment to maximize your retirement savings. If you are maximizing your contributions to your tax-advantaged accounts, and even if you are not, a taxable retirement account can provide you with additional options.
5. Work with a Sunmark Financial Professional. When it comes to managing your money, trying to build wealth, and meeting your financial objectives/goals, most people would benefit from working with a Financial Professional. We provide objectivity, offer a wealth of knowledge and experience, and take the anxiety out of the financial planning process.
Sunmark Life Stage Advisors are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA / SIPC , a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.
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