Many Americans fall behind on retirement saving due to life events, financial challenges and other personal reasons. But there is time to catch up and beef up retirement accounts before it’s too late, as the Enterprises television show explains.
Most working people have enrolled in company-sponsored retirement plans. This allows for automatic deposit of funds into the savings account. Other ways to hike that balance up are to deposit the difference in pay when given a raise. Bonuses are also a good lump sum of money to stash in these accounts, as are tax refunds. Many plans have smartphone apps where one can see their balance rising.
While there are some folks who are concerned with paying down debt, the old adage of “pay yourself first” applies. Work out a monthly budget with a regular amount added to retirement savings plans. Older Americans, those between the ages of 45 and 55, should consider working with a trusted financial planner to help determine how best to save for a comfortable retirement. Enterprises TV suggests Baby Boomers take a strong look at monthly expenses and find ways to reduce costs. Double up on the mortgage payment to be done with it before retiring. There will still be some who may want to work part-time or as a contractor after ending a career job. This is an additional source of income which can be used for everyday expenses. We all wish we could have a wealthy retirement. In reality, most will have a comfortable one. And that’s not so bad.