Imagine yourself getting up in the morning and suddenly realizing that it is not the situation where you wanted to be after the retirement! This situation is quite common and faced by many. Saving at an early stage is beneficial, if you are not saving now then you should start doing it. For a better situation follow these top 5 last minute retirement tips that will help you sail the rough time of retirement with little ease: 1. Increase the employer match: If the company where you work is providing employer match, then, do make sure you maximizes it. The best part is that its free money for you. In case you are missing on the maximum match, make effort to get the maximum match. As a best practice, boost the retirement account contribution to the maximum of your capacity. Opening an IRA with maximum contribution in 401(k) in the retirement account can get you extra tax-advantage. 2. Contributions to Catch-up: In case you are above 50 years of age you can still add catch-up contributions. If you are maxing out the retirement accounts it is best to add in some catch-up contributions to help the cause. 3. Look into ETF and index funds: It is never too late to begin with the right asset allocation. A decent growth is assured by index ETFs and funds, which also adds diversity to your funds making it perform better. For inclining the portfolio you can always go for dividend stocks. It is best to have dividend reinvestment plan as reinvestment compound your gains automatically. Before investing in the dividends do contact an expert and seek his advice. It is best to know what investment options are appropriate in your situation as it can surely make the retirement planning easier. ING retirement hosts a number of professionals that offer unbiased view of what investments should be made to ensure financially independent future. 4. Consider to work longer duration: Taking retirement decision is not an easy task. Proper planning should be done before taking retirement decision. It is advisable for some people to consider working for a longer duration. In case you started saving a little late, it makes sense to work a little extra to make-up for the lost time. It is not necessary for you to take up full time job to add to your retirement savings. You can always consider working as part time, consultant and freelancer to earn little extra. You can even choose home-based business. Analyze all the available options and choose that is best suitable and can bring you some extra money. 5. Downsize your lifestyle: You must downsize your lifestyle to add to your savings and meet the current needs. In case you have a large house, sell it off and start living in a small one, it will add in your retirement life. To increase the retirement saving you can cut down cost on restaurants and car by avoiding eating out and going by car, going for coupons is also a good idea. The aforementioned 5 last minute retirement planning tips can improve your retirement life and add to your saving significantly. For more information about Hewitt Resources, Please visit: http://www.theretirementgroup.com/new/netbenefits
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