Sometimes, planning for retirement can be more of a sprint than a marathon. If you’ve procrastinated for retirement, bridging the gap between what you needed to save and what you have saved can appear to be an impossible scramble.
Thankfully, there are some ways to close this gap quicker and transform your retirement into a reality:
Take (full) advantage of employer matches
401ks have plenty to offer when it comes to investing for retirement, such as the ability to have your wealth grow and compound tax-free. Another advantage that’s especially useful for closing the gap is employer matches. This is an optional benefit where your employer will match up to a certain amount of the money you contribute.
If you’re wondering how to close the retirement gap, and your employer offers this, you should take full advantage because it will make your ROI far more powerful.
Increase (or start) your automated investment contributions
Another obvious solution to close the retirement gap is to save and invest more money – but this is often easier to do in theory than it is in practice. That’s where automating your contributions comes in handy. By having a certain amount of money automatically sent from your paycheck to your investment accounts, you’ll ensure that you’re putting more away for retirement. If you’re already doing this, try to increase the amount as much as possible (I ideally recommend 20 percent or more, but every bit counts).
Still wondering how to close the retirement gap?
At LexION Capital, we can help you ensure a worry-free retirement, no matter your stage in life. We realize that each client is more than just a number, and craft a custom portfolio for each individual based on their unique needs and goals. If you’d like to learn more about how we can help your retire, reach out today.