5 Ways to Rebuild Your Retirement Savings
Life happens. A natural disaster, an emergency surgery, a roof leak—all sorts of sudden, unexpected situations could leave you scrambling for funds and needing to dig into your retirement fund. If you have lost your life savings or discovered you are not on track to have the money, you’ll need for the retirement you desire, then we’ve created this post for you!
Here, you will find five ideas that could help you rebuild lost retirement savings, including:
- Reviewing your budget
- Contributing to your 401(k) or IRA
- Asking for a raise
- Delaying retirement
- Reviewing your portfolio
As a bonus tip, it might help to visualize what you want your retirement years to be like. Do you imagine traveling the world? Relocating to a place where it is sunny and warm—or where you’ll be near friends and family? No matter what appeals to you, keeping your unique vision front of mind could serve as a guiding light as you develop the strategy to rebuild your retirement savings.
5 Ideas to Help Rebuild Retirement Savings
- Reviewing Your Budget
In the business of life, it can be easy to get into the set-it-and-forget-it mode of thinking. You might not have started saving for retirement yet, or you may have crated a budget that has worked okay for you in the past and haven’t made any changes. If that sounds familiar, then you may be pleasantly surprised by the possibilities.
Contact us and we can provide you with some tips.
- Contributing to Your 401(k) or IRA
If you have a 401(k) or other employer-sponsored retirement plan, you are allowed to invest up to $19,500 of your pre-tax salary annually, a cap that the IRS says may be increased in the future because of cost of living increases. Then, when you reach the age of 50, your annual contribution limit is boosted to $26,000. Increasing your retirement contributions also reduces the amount of your income that's taxable.
If you’re contributing to an IRA, you can contribute $6,000 annually, or $7,000 if you’re 50 or older. Did you know that you can contribute to an IRA and a 401k?
If you reach the limits of your retirement plans with tax advantages in a particular year, you could still continue to build up your reserves with other forms of investments, not sure? Do not let the limits established by the IRS stop you from investing for retirement. Contact us and we will detail the options for you and review your 401k investments for you.
- Asking for a Raise
Ideally, yes, your hard work could automatically be recognized, and your boss would give you a raise without you needing to ask. But it does not always work that way—and sometimes you must ask. No time better than the present as skilled levels are in high demand. Today, employers are paying up for skilled employees.
Contact us and we can detail the proper approach to asking for a raise.
- Delaying Retirement
If you were born in 1960 or beyond, then your full retirement age for Social Security benefits, according to the IRS, is 67. There are also delayed retirement credits that you can take advantage of. In this scenario, you could earn 124% of your monthly benefit if you delay retirement until the age of 70—a delay of 36 months.
The most important question regarding Social Security, is when? There are valid reasons for waiting and there are also valid reasons for not waiting. Not sure?
Contact us and let us customize a response for you. Everyone’s situation is different and there is no right or wrong answer other than no answer would be the wrong answer.
- Reviewing Your Portfolio
It might help to review your retirement portfolio to determine if you are investing in the best way, with “best” defined differently for each person. Each person has their own risk tolerance, and each person’s financial situation is unique .Your portfolio review should take those factors into account.
As you look at your portfolio, would it become even more meaningful if you focused on active and automated investing platforms that could help you as an investor avoid procrastination?
Call to action, contact us for a complimentary Financial Plan that could potentially provide you with a road map towards a successful retirement.
Get started today with Premier Financial Investment Group, LLC
Go to our website www.premier-financial-investments.com and check Contact and ask your question.