- Maximize your 401(k) contributions
- Take advantage of catch-up contributions
- Open and contribute to an IRA
- Invest in low-cost index funds
- Consider a health savings account (HSA)
- Delay taking Social Security benefits
- Explore part-time work or freelance opportunities
- Downsize your home or reduce living expenses
- Review and adjust your investment portfolio
- Seek professional financial advice
Maximize your 401(k) contributions
Consider contributing the maximum amount allowed to your 401(k) plan, especially if your employer offers a matching contribution.
Take advantage of catch-up contributions
If you're 50 or older, take advantage of catch-up contributions to boost your retirement savings.
Open and contribute to an IRA
Consider opening and contributing to an Individual Retirement Account (IRA) to supplement your 401(k) savings.
Invest in low-cost index funds
Consider investing in low-cost index funds to minimize fees and maximize returns over the long term.
Consider a health savings account (HSA)
If eligible, contribute to a health savings account (HSA) to save for medical expenses in retirement.
Delay taking Social Security benefits
Delaying Social Security benefits can increase your monthly payments in retirement.
Explore part-time work or freelance opportunities
Consider working part-time or freelancing to generate additional income for retirement savings.
Downsize your home or reduce living expenses
Consider downsizing your home or reducing living expenses to free up more money for retirement savings.
Review and adjust your investment portfolio
Regularly review and adjust your investment portfolio to ensure it aligns with your retirement goals and risk tolerance.
Seek professional financial advice
Consider seeking professional financial advice to create a personalized retirement savings strategy.