- Contribute to retirement accounts
- Invest in a diversified portfolio
- Minimize expenses and debt
- Consider delaying Social Security benefits
Contribute to retirement accounts
Maximize your contributions to employer-sponsored retirement plans like 401(k) and individual retirement accounts (IRAs). Take advantage of catch-up contributions if you are over 50.
Invest in a diversified portfolio
Allocate your investments across different asset classes to spread risk. Consider low-cost index funds and exchange-traded funds (ETFs) for long-term growth.
Minimize expenses and debt
Reduce unnecessary expenses and pay off high-interest debt to free up more money for retirement savings. Create a budget and stick to it.
Consider delaying Social Security benefits
Delaying Social Security benefits can increase your monthly payments in the future. Evaluate your options and consider the impact on your overall retirement income.