10 Tips to Boost Your Retirement

1. Start saving today!  There’s no time like the present.  Try to start saving as early as possible – preferably in your early twenties or sooner. The value of compounding investments is almost impossible to beat over the long run – unless your one of the rare few that win the lottery.

2. Contribute to employer plans. Employer sponsored retirement plans like a 401K offers one of the best vehicles to save for retirement. The funds you contribute are pre-tax, allowing investments to grow tax-deferred over time. Try to contribute as much as possible and maximize your annual contribution if possible. Also consider that employer match contributions are free money to you so be sure to capture this too.

3. Open an IRA. Whether a traditional IRA, where contributions could be tax deductible, or a Roth IRA that grows tax-free.

4. Automate your savings. Setup an automated bank draft plan for monthly savings or investment accounts.

5. Make a budget and stick to it. The single most missed opportunity in boosting retirement is creating a budget and staying with it.  This should account for income, expenses and savings. If you fall short in any category, try to make adjustments to get back on track.

6. Downsize. Do you really need that big house or new car?  Can you vacation locally rather than an expensive trip? Consider that expense associated with these things and ask yourself if it’s time for a change.

7. Continue working later in life. Many of us have a goal for retirement age when we think we may no longer work. Rather than stop working completely, consider reducing the time working or even getting a part-time job in an area that you have always wanted to explore. This not only provides additional income but keeps you active in the working community.

8. Set a goal. Set a goals for what you want to do, when you want to do it and how much you want to save by that time.

9. Save extra funds. If you earn a bonus, get an inheritance or even win the lottery – don’t spend that money! Add this unexpected windfall to your retirement savings plan.

10. Evaluate delaying Social Security. As you get closer to qualifying for Social Security consider delaying you application past age 62. The longer you wait, the larger the benefit.

While these retirement tips can help most everyone, be sure to discuss your specific situation with your financial advisor and how they apply to you.