With each day that passes, you’re one day closer to retirement, so the time is ticking to make sure that you have enough saved up to be able to live comfortably once your working days are over. If you’re getting a little close to that magic number but would like to see your retirement accounts grow a bit more, there are some steps you can take now to kickstart your savings.
Cooperstown Center for Rehabilitation and Nursing has a look at three ways to boost your retirement accounts today.
- Review Your Employer 401(k) Match
Check to see how much of your contributions your employer will match into your 401(k) account. Changing your contribution to the max amount that the company will match could give you extra money each year that could be in the thousands.
- Add a Personal IRA
IRAs are a great supplement to your employer-sponsored 401(k) plan. Employer plans are generally limited to mutual funds, while you can branch out to stocks, bonds, and other investments in IRAs. There are also two other potential advantages to IRAs. First, a Roth IRA allows you to pay tax on your contributions today so that the money you get back during retirement is tax-free. Some IRAs also protect you from losses, so they can only grow, unlike 401(k)s that can lose money in regular day-to-day trading.
- Keep Your Fees Down
If you’re active in the stock market, you could see a fair percentage of your gains wiped out by fees and commissions every time you buy or sell an investment. Look for a broker to work with who doesn’t charge commission fees, as this perk is gaining in popularity.
To learn more about Cooperstown Center for Rehabilitation and Nursing and all of the services they offer, visit http://new-paltz-center.facilities.centershealthcare.org/.
