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Are you concerned about your retirement plan and your nest egg? It’s common for anyone approaching retirement to wonder about how much they have saved — and are wondering if their savings will endure. Whether you haven’t begun or life just seems to have gotten in the way, and you dipped into your nest egg, don’t worry, because it’s rarely too late to get caught up. Here are a few tips for saving for retirement.

Start Maximizing Contributions

If you have easy access to a company retirement program, such as a 401(k), think about contributing enough so you can capitalize on a company match. Squandering a company match will mean losing extra money over the years that you are working hard. Additionally, taking advantage of the company’s match, you might want to think about maximizing your allowable contributions. Escalating your contributions may appear challenging, but putting away a little bit more every year can supercharge your nest egg when you factor in the effects of compound interest.

Always Invest any and all Found Money

Certainly, not everybody can contribute a lot more to their retirement fund on a consistent basis, which makes investing found money a fantastic option. If you’re fortunate enough to come into a little additional money, whether from a tax refund, an additional bonus, or cash gifts from your wedding, think about promptly depositing this money into your retirement account.

This way, your found money will never reach your hands or be wasted on personal items that are not that important. For instance, if you’re getting by adequately on your regular income and then get a bonus, you might want to deposit those funds to help you catch up on saving for retirement.

Take advantage of an IRA

If you currently do not have an individual retirement account (IRA), starting one can be a fantastic vehicle for hiding away money. Utilized along with a company retirement plan, a traditional or Roth IRA can easily lead to more income in retirement when that wonderful day finally comes. Using both accounts, an individual may contribute up to $5,500 every year, and an additional $1,000 for individuals over 50. (This additional allowance will help those who are a little older catch up on their saving for retirement). While both benefit accounts offer tax incentives at different times, it’s essential to understand these awesome tax breaks, along with their income limits, before you determine which type of account to open.

Delay your Retirement by Working Longer

Although delaying your retirement might not seem exciting, it can allow you additional time to develop your retirement funds — and a shorter retirement for which you can save for it. Delaying your retirement can also lead to delaying Social Security and receiving a larger monthly benefit in the future. If you want to keep working but choose to take on a fewer number of hours, look into picking up part-time work or starting a side gig.

Although this may impact your Social Security benefit, it can also lead to additional money in your wallet during retirement, reduced stress and more time to do what you really want. Always keep in mind, unless otherwise specified, there may be a mandated minimum retirement distribution, which calls for you to withdraw money when you reach a certain age.

Substantially Reduce Your Debt

While saving as much as you can and maxing out your retirement fund is recommended, it won’t have much of an impact if you maintain high-interest debt that you must continue to manage. Your debts can become like chains fastened to your ankles if you will not get rid of them prior to your retirement.

You might wish to continue saving for retirement as well but think about paying down your high-interest debt first. Bringing debt into your retirement can represent less money for your golden years. Therefore, if you’re approaching retirement and concerned about personal debt, give some thought to speaking to a personal debt attorney to see how they can help.


Remember always to check out the fees you are being charged for any investment account. This is likely to involve looking very closely at the disclosure statement for every account you are investing in. You should also be aware of additional fees or sales charges that might be triggered if you change things or switch funds.

Many individuals look at one percent as a minimal fee, and they are happy to pay it. The problem is that one percent fee could actually cost your fund so much more over time. You should look for and expect to pay less than one percent. Every little bit helps when you consider you are saving for a few decades or more.

For more information about saving for retirement and discussing the best vehicle to get you there, call the professionals at The Lunsford Agency Direct at (740) 779-0246 during normal business hours, or contact us through our website at your convenience.