TIPS TO SAVE MORE FOR

RETIREMENT IN 2016

Here are some tips to help you save more for retirement in 2016!

Source: http://www.bankrate.com/finance/retirement/tips/

SAVING! SAVING!

If you haven’t yet started saving for your retirement, then start right now. If spare change is all you can manage, great. Try to make it a dollar next week. Simply develop the habit of saving with every paycheck, no matter how small the amount. If you are able to save 10% to 20% of your income you are doing a great job for your retirement.

INCREASE SAVINGS WITH EVERY SALARY HIKE

As time goes by and income increases, bump up your savings incrementally. If you have an employer-sponsored plan such as a 401(k) and your employer offers a match, contribute enough to score the full match so you don’t miss out on ‘free’ money from your employer. Technically, the match is probably factored into your overall salary and benefits package, so if you don’t contribute, you’re forgoing part of your compensation.

KEEP DEBT UNDER CONTROL

When you’re in a jam or making a big purchase such as a house or car, debt comes in handy. Over time, though, it becomes a drain on your finances. Pay off debt as quickly as possible to start getting ahead.

USE A TAX-ADVANTAGED ACCOUNT

The government offers sweet incentives to get people to save using accounts such as IRAs and 401(k)s. IRAs and 401(k)s allow savers to put away money before taxes are taken out. That decreases taxable income today. In retirement, withdrawals are taxed as ordinary income.

GET UP TO DATE WITH INVESTING

Investing can be as easy or difficult as you make it. Don’t be intimidated. A great way to start is with a core group of index funds. Each should represent a broad swath of the market. For instance, they could be funds with large-cap stocks, mid-cap stocks, small-cap stocks or international stocks.

To Learn MoreVisit

www.taxassistancegroup.orgor Call

(855) 549-7829

Source: Steiner, Sheyna. “Top 10 Saving and Investing Tips for Retirement in 2016.” Bankrate. Bankrate.com, 24 December 2015. Web. 5 January 2016. <http://www.bankrate.com/finance/retirement/tips/>