5 Ways To Boost Your Retirement Savings

Retirement should be a time to enjoy the fruits of your decades of labor. It should be the time of life to put your financial stresses to one side, travel, relax, share time with loved ones, and simply do the things you enjoy… These aren’t referred to as ‘the golden years’ for nothing, that’s for sure.

But there’s one thing that will surely scupper any plans for a happy retirement—and that’s not having enough money to fund all the things you want to do. The following looks at 5 easy ways that you can boost your retirement savings, no matter what stage of your working career that you’re currently at.

Retirement Savings 101

• Retirement savings boost 1: Open a health savings account
• Retirement savings boost 2: Invest wisely
• Retirement savings boost 3: Get your full employer match
• Retirement savings boost 4: Roll over old 401Ks
• Retirement savings boost 5: Put tax refunds into an IRA

Retirement savings boost 1: Open a health savings account 

A health savings account, or HSA, is an additional savings account that comes if you opt for a high deductible health insurance plan. It allows you to save over and above a 401K and IRA. The funds can be used to pay for healthcare costs and don’t expire annually, unlike the low deductible option. They can also be invested and used at a later date. 

Retirement savings boost 2: Invest wisely  

Any retirement account needs regular TLC to ensure that investments match your risk strategy and are growing at the best possible rate. Far too often, such an account is set up and then forgotten. This results in the loss of valuable savings, simply because you’ve failed to keep an eye on it.

By far the best way to do this is with professional help.. That way you can be advised as to an age and circumstance-applicable strategy, as well as benefiting from the lowest management fees.

Retirement savings boost 3:  Get your full employer match

Many employers offer a 401K and match your contributions. This is basically free money, so you should—if possible—pay the maximum you can from your salary.

Retirement savings boost 4: Roll over old 401Ks  

Got an old 401K from a previous employer? Then roll it over into your IRA. Not only does this make it easier for you to keep track of the finances and give you better investment options, you’ll also rid yourself of any administration charges that your old employer charges.

Retirement savings boost 5: Put tax refunds into an IRA

Unless you desperately need a tax refund, transferring it into your IRA will pay dividends in the future. Channeling a windfall this way means you qualify for a tax reduction the following year. Thinking of tax refunds as a windfall, whatever the amount of money, and investing them wisely can provide a really good boost to your retirement dollars.

The sooner you commence a strategic retirement savings plan, the better, and obviously translates into a larger pension pot when the time comes for you to hang up your boots. However, even if you’re closer to retirement age than your twenties, it’s still well worth taking every step possible to give your savings that worthwhile boost.

Boost Your Retirement Savings with Advice from the Experts: Contact Capita Today 

Capita are the world’s leading advisors on all things financial, including expert advice on how to best save for your retirement. It’s never too early or too late to start, and the sooner you put a retirement savings plan in place, the better.

Visit https://www.capitafinancialnetwork.com to find out more and call today to book a no-obligation appointment.