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Plan for Your Future Today

10 Ways to Fatten Your Retirement Account

It’s no secret that millions of Americans’ retirement savings took a wallop during the last recession, and many pre-retirees are still scrambling to catch up. Here are some ways to help you replenish your retirement savings account:

Check your 401(k) to ensure you are taking full advantage of employer matches and tax breaks, and that the investment decisions you have made are still the right ones for you.

Don’t let your IRAs stall. Continue contributing to your IRAs and consider investing in a Roth IRA, allowing you to withdraw investment earnings and not owe tax on investment gains after five years.

Do let your Social Security benefit claim stall. If you wait longer than age 62 to begin claiming Social Security benefits, those benefits will increase by 8 percent annually for each year you wait until age 70.

Budget for retirement. You need to set a budget and begin living within those means before you retire; see if you can cut debt and other expenses to align your retirement spending with your retirement income levels.

Shop around for better insurance rates. Before you automatically renew your auto, life, home or health insurance, see if you can get a better deal elsewhere. Check coverages to ensure you’re not paying for more than you need.

Bundle up for savings on communications plans. Bills for Internet, phone and TV services can really add up to a big number. Many providers offer discounts for bundling services, and you need to check the details to choose only what you really need.

Get healthy. If you’re physically healthy, chances are your retirement budget will be a lot healthier as well. If medical bills could run your happy retirement off the road, consider setting up an emergency fund or investing in long-term care insurance.

Downsize. Do you have more house than you need for retirement? Downsizing to a smaller home with little or no yard can mean big savings.

Consider relocation. Some states and countries are more retirement-friendly than others, so if your retirement dream includes a relocation, make sure the move is still the right one for you and your family.

Seek a senior-friendly environment. If your home has lots of stairs or your neighborhood would be hard to navigate as a senior, you may want to make a change to your living environment. Consider availability of transportation options, too, if you would become unable to drive.

An experienced Florida estate planning attorney can help you with proven strategies to protect your finances and your family. To learn more, contact our Florida law firm for a free consultation.
Categories: Retirement Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169