Elevate your retirement saving strategy
Are you on track to achieve your retirement goals? These five strategies may help you plan ahead for the future you envision.
Max out your contributions
Contribute as much as you’re allowed to your workplace retirement plan. If you’re over 50, you can contribute even more! Review this year's Internal Revenue Service (IRS) limits.
Save outside your plan
If you’re maxing out contributions to your workplace plan, you can save more by putting money into an Individual Retirement Account (IRA) for yourself or your spouse. If you’re over 50, you can take advantage of catch-up contributions.
Pay off debt
Pay off student loans and credit card debt while you're still employed, and you'll need that much less income in retirement. Remember to pay off your highest interest debt first.
Plan to work longer
One way to help strengthen your savings is to work longer. Even one extra year of contributions can make a difference.
Consider your options
Have money in an old retirement plan? Consider whether leaving the money there or doing something else is right for you.
Keep in mind that you have other options. You can leave your assets where they are, move them into an IRA (separate fees may apply), take a cash withdrawal (be aware of possible taxes and penalties), or use a combination of these options. Please remember that features available to you in one account may or may not be available in another. Always carefully review the fees and costs associated with any of the options outlined above before making a decision.
Small changes add up!
See the amount you may add to your retirement savings by cutting back on splurges.