Funding a Better Retirement

Summer always gets me thinking of retirement. So, in that spirit here’s a few tips to fund a better retirement:

1.      Contribute your raise or bonus. This will allow you to make and additional investment in your future without changing your current lifestyle and reduce your taxable income. If your employer offers a matching contribution your investment will go even further.

2.      Reduce your current spending. Review your ongoing spending and create a budget. Look for services and subscriptions that you do not use. Negotiate lower rates for services. Reduce your daily expenses by bring lunch to work, skip the big bucks coffee, cut back on dining out and comparison shop. Invest the money you save (no matter how little!) in your retirement account.

3.     Automate your contributions and check to see if your plan has an auto-escalate feature.

4. Most of all be consistent 

Working through these ideas now gives you a chance to take advantage of the benefits of funding new or existing retirement accounts you'll use down the road.