How to Boost Your Retirement Savings

 

How to Boost Your Retirement Savings

Like most people, you probably haven’t saved enough for retirement. In fact, according to a recent study by the Employee Benefit Research Institute, 57 percent of Americans have less than $25,000 in savings and retirement accounts.

While it may seem like an insurmountable task to try to boost your retirement savings at this point, it’s important to remember that it’s never too late to start saving. Here are a few tips by William Schantz to help you get started.

How You Can Boost Your Retirement Savings

 

Take Advantage of Tax-Advantaged Accounts

According to William Schantz, there are several retirement accounts that offer tax breaks, which can help you boost your savings. For example, 401(k)s and IRAs allow you to contribute pre-tax money, which reduces your taxable income and, as a result, lowers your tax bill. Additionally, many of these accounts offer tax-deferred or even tax-free growth, which means you won’t have to pay taxes on the money you make in the account until you withdraw it in retirement. Read more.

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