Maximize Your Retirement Savings With These Tips

Have you thought about the health of your retirement accounts lately? With the new year usually comes new goals. I recommend you make it a priority to find easy ways to maximize your retirement savings. No matter what your age, it’s never too early or late to plan for the future.

Retirement as a whole can be a daunting subject to tackle – which is why it isn’t top of mind for those of us who are still navigating the seasonal changes in life, like going from parents to 3 children to now parents to 3 adult children. When we hit the empty nest phase of life, things tend to change, and it is really important that we not only keep our health in check but also the health of our retirement. We do not have to have all the answers right now – but stalling on any kind of retirement planning at all is a bad idea.

Maximize Your Retirement Savings with these Tips

Even if you don’t feel like you can take big steps to make a big plan, small, short-term steps to get you started can make a huge difference in your retirement planning. Because I cannot imagine that any of you want to be working into your eighties. Midlife is supposed to be enjoyable and so is retirement! I know for me and my husband, we want to be able to retire early enough to still have plenty of time to enjoy our lives together.

We need to take the time to ensure that we are building a stable financial future as we age. Taking steps to take control of your retirement planning could have a positive impact in many areas of your life. According to a recent survey from AARP and the Ad Council, more than half of people in their 40s and 50s say that feeling more confident about saving for retirement would help them feel less stressed (54%). And 46% would be happier knowing they are taking care of their family’s future.

I know I feel more confident after chatting with Avo at AceYourRetirement.org. And, it only took about 3 minutes out of my busy schedule! We’ve been savvy with our money. Several years ago, we really started talking about plans for our future. I know we are capable of achieving large financial goals. And even though we have some well thought out plans – monitoring and adjusting the health of our savings now is a smart move. Now I feel much more confident and you can too.

Here are a few tips to consider to help you maximize your retirement savings:

  • While gathered with your family for the holidays, discuss your savings plans and retirement goals, and what you can do today to achieve them. It’s important for everyone in the family to be on the same page about your financial goals and priorities.
  • Start planning now what age you plan to retire and when you plan to start taking your Social Security benefits. Earning a few more years of income could really help you grow your nest egg, and delaying when you start collecting Social Security increases your annual benefit.
  • If your employer offers matching funds for your retirement savings plan, make sure you’re contributing at least enough to get the full employer match.
  • Brainstorm ideas for earning money in retirement, such as turning a hobby into a source of income, or taking on seasonal part-time work
  • Visit AceYourRetirement.org to get your personalized action plan in just three minutes. Your digital retirement coach, Avo℠, will reveal the top three simple, practical things you can do right now to make sure your retirement plan is on track.

Where will you start to maximize your retirement savings? What’s your biggest challenge today?

Michele is a married mom of 3 adult children. She is currently enjoying spending time with her husband in the empty nest. Michele can be found working on a healthy lifestyle, camping or having some frugal fun. Not necessarily in that order!

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