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The Procrastinator's Guide to Retirement Savings

Blog Post
1 min read
A skeleton dressed in a business suit.

Do you plan to save for retirement but can’t seem to get started? You’re not alone. According to Flexjobs, 26% of millennials, 17% of Gen Xers, and 11% of baby boomers have not yet saved for retirement but intend to. No matter your generational cohort or financial situation, there are ways to start building your nest egg today.

Here’s how you can transition from procrastination to action.

Trim Your Budget

Find cash you can put toward retirement by closely examining your spending habits. Track expenses for a month. Identify spending you can reduce or eliminate and redirect the money to your retirement savings. Even small changes, like brewing coffee at home or canceling streaming services, can free up funds for your future.

Boost Your Income

If your existing budget doesn't allow for retirement savings, generate additional income streams. A part-time job or freelance work can provide extra funds you can earmark for your retirement accounts. Regularly reassess your progress and adjust your extra income efforts accordingly.

Maximize Your Employer's Generosity

If your employer offers a 401(k) match, contribute at least enough to receive the maximum matching amount from your employer. It’s free money that can significantly increase your retirement savings. Check with your human resources department to learn how to enroll in the plan or increase the amount set aside from each paycheck.

Start Small, Start Now

The most important step is to begin saving, no matter what the dollar amount. Even 1% of each paycheck is more powerful than you might think, due to the power of compound interest. Increase the amount each time you receive a raise or accept a higher-paying position.

Explore Alternative Accounts

If your employer does not offer a 401(k) or you want to supplement an existing plan, you have options. First, check if your employer offers other retirement plans, as some provide alternatives to 401(k)s. If not, or if you're self-employed, search for individual retirement accounts (IRAs) or plans designed for small business owners and independent contractors.

It’s never too early or late to start saving for the future. Explore your retirement and investment options today!