- Maximizing contributions to retirement accounts
- Diversifying investments
- Delaying Social Security benefits
- Considering long-term care insurance
Maximizing contributions to retirement accounts
To maximize retirement savings, individuals should aim to contribute the maximum allowable amount to their 401(k), IRA, or other retirement accounts. Taking advantage of employer matching contributions can also significantly boost savings.
Diversifying investments
Diversifying investments across different asset classes can help spread risk and potentially increase returns. This can include a mix of stocks, bonds, and other investment vehicles based on individual risk tolerance and time horizon.
Delaying Social Security benefits
Delaying the start of Social Security benefits can result in higher monthly payments once they are claimed. For those able to wait, this can provide a more substantial source of income in retirement.
Considering long-term care insurance
Long-term care insurance can help protect retirement savings from the potentially high costs of long-term care. It's important to evaluate the potential benefits and costs of such insurance based on individual circumstances.