4 Ways to Boost Your Retirement Savings

Planning for retirement is a big concern for many people, but it can be difficult to know how to do so effectively. Common concerns include how much money to save, when to retire, and how to choose a plan that is appropriate for your situation. While it’s important to note that almost no investment guarantees return, a financial advisor may be able to answer your questions and offer advice on developing retirement strategies that are aimed at helping your money grow. At Harvest Wealth Partners, our vision is to inspire individuals to reach their full potential by helping them develop a financial plan. 

Retirement saving strategies

When it comes to investing, performance can’t be guaranteed. When making a plan for retirement, it’s important to be realistic about investing and understand that not all parts of your portfolio may perform as you wish them to. However, there are common strategies available that can help you manage risk and better position yourself for a likelihood of success.

• Start Early: One of the most common pieces of advice for planning for retirement is to start early. Many young people do not yet think about saving for retirement, but starting sooner can provide more opportunities to save and time for investments to potentially grow. Experts at the New York Times also suggest that starting a retirement plan early helps make saving a habit. Even if you are not able to save much at first, you might find this habit helpful in the long term. 

• Use Automatic Deposits: Another recommendation for retirement savings is to set up automatic, recurring deposits. Depending on your plan, you may already be doing this, but the primary theory behind it is to encourage making appropriate deposit amounts throughout the year without the stress of sorting out what that should look like each month.

• Tax-Advantaged Plans: Tax-advantaged plans such as a 401(k) or IRA are common. If you are getting closer to retirement and looking to boost your savings, the Financial Industry Regulatory Authority (FINRA) recommends contributing more to these plans. This may involve reducing spending in other places, but after age 50, you may be able to exceed the normal maximum contribution limit. 

• Make a Plan: This might seem obvious, but with the amount of options available to you, having a plan may help you make sense of what retirement strategies are appropriate for your situation and think about what your retirement goals actually look like. Having a plan in place can also help you consider strategies ahead of time, from how much money you would like to set aside this year and next to the types of retirement accounts you would like to make use of.

Consulting a financial advisor for retirement planning services

At Harvest Wealth Partners, we understand that you may have questions about the retirement planning options available to you. If you have questions or are looking for strategies aimed at boosting your retirement savings, you may find it helpful to speak to a financial advisor. Contact us today to learn more.