How to boost your retirement savings?

 Whether you just started working or you are nearly done, you can still potentially grow your nest egg. If you began saving late or have yet to begin, it is important to know that you are not alone, and there are steps you can take to increase your retirement savings. "It's never too late to get started," says Debra Greenberg.

Consider the following tips, which can help you boost your savings and pursue the retirement you envision.

1.     Start Today:
if you are just beginning to put money away for retirement, start saving as much as you can now, and let compound interest — the ability of your assets to generate earnings, which are reinvested to generate their own earnings — have an opportunity to work in your favor

 

2.     Take advantage of catch-up contributions:
you reach age 50, you are eligible to go beyond the normal limits with catch-up contributions to IRAs and 401(k)s. So, if over the years, you have not been able to save as much as you would have liked, catch-up contributions can help boost your retirement savings.

 

3.     Automate your savings:
Make your retirement contributions automatic each month and you'll have the opportunity to potentially grow your nest egg without having to think about it.

 

4.     Rein in spending:
Examine your budget and with the help of a cash flow calculator, you can know where your money is going and find places to reduce spending so you have more to save or invest.

 

5.     Do not rely on Social Security:
Social Security will still be around once you hit the eligibility age, but it probably will not provide enough money, after taxes, for all the expenses you will face in retirement. Plus, it’s possible that some of the rules will change before it’s your turn to collect.