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5 Creative Ways To Boost Retirement Savings

5 Creative Ways To Boost Retirement Savings

5. Envision your Retirement : This idea may not be as tangible as the others, but it is just as important. Why? Because having an idea of what your retirement will look will give you a pretty good idea how much you need to save. Developing a savings plan for retirement isn’t nearly as exciting a topic as developing an investment strategy or devising an asset allocation for your 401k investments, but it is an important piece of your retirement. If you haven’t already, be sure to add a retirement savings plan as part of your retirement strategy.

Therefore, retirees and pre-retirees can take these five actionable steps to improve their monthly retirement income. Key Points:

  • It’s never too early – or too late – to start saving for retirement.
  • If you are just starting out, focus on saving as much as you can now.
  • If you are nearing retirement, consider increasing contributions to your savings or delaying Social Security.