Retirement Planning

If you're concerned about outliving your savings, you'll need to create a plan to boost your savings and create a retirement income. Your plan should be built to ensure income for all the expenses you can't live without, like healthcare, food, utilities, and housing.

Boost Your Overall Savings

Making a few small changes now can ensure you have enough savings to live your dreams in retirement. First, decide what funds you will need to have saved. For assistance with this, try the various planning tools.

Once you have your targeted annual savings contribution determined, there are many things you can do to make sure you are meeting your goals:

• Contribute the maximum on employer–sponsored plans, even if you can't contribute the maximum make sure you at least contribute enough to reach all of the matching funds benefits.
• Review your budget. As our salaries increase, we often increase our spending allowances but not our savings. Remember to pay yourself first, also, try to reduce your expenses by eating out one or two fewer times a month, eliminating unnecessary purchases, or taking up a new, lower-cost hobby.
• Consolidate your credit cards at a lower, or zero, interest rate. Or better yet, work to pay them off as quickly as possible. Saving your monthly credit bill payment will help you accumulate cash quickly.
• Refinance your mortgage. Interest rates are low, and borrowers with stable credit histories are able to renew mortgages to gain a lower monthly payment.
• Consider contributing to an IRA.
• If you are 50 years old or older, you can contribute greater amounts each year to qualifying plans to help you “catch up.” Contact your employer's benefit counselor or your financial advisor for details on your eligibility for this program.

Consult a tax advisor for advice when planning your retirement.