
Guaranteed Tips to Start Saving for Retirement After 50

In a perfect world, people would start saving for their golden years immediately upon entry into the workforce. But, we all know it’s not a perfect world. And yes, sometimes getting started on savings a bit later in life is unavoidable.

Pexels | Fun and comfort are what you should seek from your golden years, which would be impossible without sufficient savings
The Federal Reserve reported in 2018 that though 45% of nonretired adults claimed their retirement savings were right on track, a whopping 25% admitted to having no savings whatsoever. The numbers are truly troubling but, if you’ve crossed the big 5-0 and are still a ways from building that golden years stash, hang in there. Though it might be difficult, you can still accumulate some wealth before it’s time to bid adieu to the workforce.
Here’s some expert advice on how you can save up quickly in the next decade or two:
1. Save, Save, Save
It goes without saying that now’s the time to free up whatever cash you can spare and add it to your retirement savings. If you have a debt to return, pay it up asap so you can focus solely on saving. Set up automatic savings so that you don’t “accidentally” forget to save a particular month because from now on, EVERY LITTLE BIT OF INCOME MATTERS. Take a look at your budget and refine it. What are the things that you can do without? The subscription you haven’t used in months? Cancel it. That expensive wine you feel guilty drink? Leave it out of the grocery list.

Pexels | You can do without some luxuries for a while
2. Max Out Your Contributions
Your biggest savior at this point is your retirement plan. If your employer is offering one, contribute enough to get a maximum match from them. Workers aged 50 or above can contribute up to $26,000, so that’s a bonus you can now benefit from. You can also inquire whether your employer offers additional retirement savings plans.
3. Keep the Money Coming
We’ve established that making those dollars is your biggest priority now. So, to increase the income, you can opt for a side gig or something. If working additional part-time hours doesn’t sound doable, look around for things you can let go of.
Some people opt for downsizing their homes as well. Assuming your kids have moved out, you don’t need as much space as you used to. And you can gain significant cash by selling your home and moving into a smaller one. Additionally, try not to retire too early. Gone are the days when people retired latest at 65.

Pexels | Legally, you can work till age 70 1/2, thanks to the SECURE Act of 2019
The thought of retirement is as overwhelming as it is exciting. The best you can do is prepare as best you can to make sure you’re comfortable in your golden years.
More in Business
-
`
iPhone 17 Air Expected to Be 2mm Thinner than iPhone 16 Pro – Full Details Here!
As we near the end of 2024, rumors about the iPhone 17 Air are stirring excitement among tech enthusiasts and Apple...
December 17, 2024 -
`
Meghan Trainor Says She Struggles With Smiling After ‘Overdoing Botox’
Meghan Trainor, the vibrant voice behind hits like “No” and “All About That Bass,” is known for her candor and charm....
December 10, 2024 -
`
The Viral Banana Art That Just Made $6.2 Million at Auction
In a world where art constantly challenges our understanding of value, Maurizio Cattelan’s “Comedian” has become one of the most talked-about...
December 5, 2024 -
`
Michael Kors Faces Uncertainty After $8.5 Billion Luxury Deal Collapses
The highly anticipated $8.5 billion Michael Kors deal with Tapestry, the parent company of Coach, has officially collapsed. Following months of...
November 29, 2024 -
`
Why European Chip Makers Are Wary of ‘Nationalist’ Policies After Trump’s Win
Following Donald Trump’s re-election, a powerful wave of concern has emerged among European chip makers. The CEOs of Europe’s top three...
November 20, 2024 -
`
Top 6 Best-Dressed Icons at the 2024 LACMA Art + Film Gala
The 2024 LACMA Art + Film Gala was a dazzling evening of glamour, where celebrities graced the red carpet at the...
November 12, 2024 -
`
Why David Einhorn Wants Peloton to Lower Share Price to Thrive in the Longer Run
With Peloton’s price dipping in recent months, investor David Einhorn sees an opportunity for growth. According to Einhorn, the founder of...
November 7, 2024 -
`
5 ‘Personalized’ Ways Giant Luxury Carmakers Compete Today
Gone are the days when pairing the low rumble of a V8 with a comfortable and luxurious interior was enough to land...
October 30, 2024 -
`
Does Hidden Network HDF Secretly Fund ‘Race Science’ in Propagating False Rhetoric?
In recent years, ‘race science’ has resurfaced, driven by a covert network of activists pushing discredited theories on race and genetics....
October 25, 2024
You must be logged in to post a comment Login