When I thought about retiring a few years ago, I had no idea what was going to happen in the future. Sure, I had some money in my savings account that would last for a few months in the event of an emergency, and a 401k that I had no idea about, but besides those things, I was clueless.
With children in the equation, I had to think not just about my wellbeing, but theirs as well. Children generally mean education, clothing and food expense, so how could I accomplish all that without a job, and being retired. How could I boost my retirement savings, and how can you? Whether you’re planning on retiring in your home, or a retirement community like John Knox Village, you’re going to have to start taking steps to save a retirement income to support yourself.
1. Start saving early
This was one that was taught to me at an early age. While it is never too late or too early to start, you don’t wait until you’re 40 to start saving, start saving as young as possible. The more you save, the more you will have when it’s time to retire. Set up direct deposit from your job, and have an automatic contribution sent directly to your retirement fund.
2. Limit your spending and budget
Start off with a budget and examine where most of your money is going. You don’t have to buy every designer handbag or shoes that you see, and you also don’t need to eat out every day. You can start by bringing a bagged lunch to work and trying to negotiate on a lower interest rate on your credit cards. Cut out cable TV expenses and learn to stick to your budget. The money that you save can then go towards your retirement fund.
3. Contribute to your 401k
Contributing to your 401k is a great way to boost your retirement savings. However, most of us have no idea how our 401k works. I remember when I signed up for mine, it was done because it was a requirement. I signed up, added money, and that’s as far as I knew. While it’s a good idea to contribute to your 401k, it’s also a great idea to understand how they work. Have no idea how your 401k works or how to manage it? Then that’s where blooom comes in. Blooom is a smart, simple, affordable ($10/month) help with your 401k.
I took blooom’s free analysis and found out that my 401k wasn’t in the best shape and that there were a few options that I could choose. It’s great to know that there are options out there for me. And to be honest, I’d much rather be spending time with my family than be worrying about my 401k.
Blooom is financial advice solution that leverages technology to manage people’s 401ks, lowering the barrier to financial advice. Blooom is a financial tool for the underserved. Unlike Wall Street, they don’t care how much money you have in your account because they aren’t paid for endorsing one fund over another. Nor do they expect you to translate complicated charts or math problems about the health of your own account. At blooom, your 401k is represented as a flower, so you can see what you’re paying in hidden fees or what types of funds you’re invested in at a glance.
Blooom believes everyone deserves the right to retire, because your 401k (likely your most important retirement asset) should NOT be DIY.