Tips and Strategies for Saving for Retirement: Expert Advice and Recommendations

Retirement looms large over most Americans, with many facing the reality of not having enough savings to retire comfortably. According to the Federal Reserve, 28% of non-retirees had no retirement savings in 2022, and 31% believed their retirement savings were not on track for success.

A recent BankRate survey identified several reasons why Americans put off saving for retirement. Financial challenges such as unemployment, student debt, lack of income, and inflation make it difficult for many to set money aside for retirement, especially younger individuals. Other reasons include poor spending habits and not knowing where to start.

To address this issue, Empower’s team of experts can help individuals meet their retirement goals and start building their savings. By taking proactive steps, such as setting clear retirement goals, starting to save early, selecting the right investments, and maximizing contributions to retirement accounts like a 401(k) or IRA, individuals can work towards a more secure financial future.

It’s important to regularly review account terms, automate savings, and consider additional income streams through side hustles to maximize savings on a budget. Understanding different retirement accounts like Roth IRAs, traditional IRAs, and 401(k) plans can also help individuals make informed decisions about their financial future.

Ultimately, the key to a successful retirement is to start saving early, increase savings over time, and stay consistent with contributions. By taking these steps and seeking guidance from financial experts, individuals can work towards a comfortable and secure retirement.