29 Nov How to Stick to Your Retirement Savings Goals
Studies show that nearly 98% of us don’t stick to our resolutions. It’s no small wonder that the majority of Americans are woefully underprepared (or wholly unprepared) for retirement. Whether you have a million dollars or are just getting started, you might be facing a similar conundrum with your retirement savings goals.
Here’s how to stick to your retirement savings goals:
Get a 401(k) match
If your employer offers a 401(k) match, it’s an easy way to get help with your retirement savings goals. This is one of the only times you’ll have someone else offering money to help you with your nest egg, so you should take advantage of it. Aim to harness the power of the entire 401(k) match to move faster towards your retirement savings goals.
Don’t treat your retirement accounts like a piggy bank
Not only can withdrawing early from your accounts bring your retirement savings goals to a screeching halt, it can also be incredibly costly. For tax advantaged accounts (like a 401k), dipping your fingers into your piggy bank can cost you a pretty penny in terms of taxes and additional hefty fees by the IRS.
Re-evaluate your goals (at least) annually
Just like your career or life goals change over time, your retirement needs might shift as your life evolves. Remember, sticking to your retirement savings goals shouldn’t be an auto-pilot maneuver; and it should involve a routine check-in to make sure you’re on track.
Learn more about sticking to your retirement savings goals
At LexION Capital, whether you’re just getting started, or already on track to creating your nest egg, we can help you reach a worry-free retirement. If you’d like to hear more about how we can help you live a worry-free retirement, don’t hesitate to contact us today.