Many people are looking for how to boost their retirement, especially when retirees depend on Social Security to pay their bills. However, Social Security was never intended to pay for all of your expenses and be a primary source of income. Social Security benefits were designed to cover about 40% of your pre-retirement income the rest typically comes from a pension, savings, or a different source. These tips will help you jumpstart your retirement savings so you can reach your goals.
Ramp up your retirement contributions
It’s never too late to save more for retirement. Even if you’re nearing your senior years, you may be able to save more than you think.
If you have access to a 401(k) that offers employer matching contributions, try to save at least enough to earn the full match. Depending on your salary and how much your employer will match, you could potentially receive thousands of dollars per year in matching contributions. If you’re not taking advantage of this perk, you’re leaving free money on the table.
Consider working longer
Just over half (52%) of Americans say they expect to continue working past age 65 or never retire at all, according to a survey from the Transamerica Center for Retirement Studies. If your savings are falling short, it may be a good idea to consider delaying retirement or picking up a part-time job after you retire.
Delay claiming benefits
Although Social Security benefits alone likely won’t be enough to make ends meet in retirement, you can earn larger checks by waiting a little longer to begin claiming.
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