5 Ways to Build Retirement Savings During Uncertain Times
induced recession followed by a rapid increase in inflation.
Over the last two years, American workers have endured the one-two punch of a pandemic-
Both have widened the savings gap and increased concerns over financial security,
especially when it comes to retirement savings.
The good news is there are many ways for the average American to help their retirement accounts thrive even during uncertain times.
Here are five expert tips to supercharge your retirement savings plan.
Make Sure You Are Getting the Full Employer Match
Many companies offer to match contributions to your retirement account up to a certain percentage, in addition to your regular salary.
Optimize Your Asset Allocation
Early in your career, it may make sense to take on more risk in anticipation of greater long-term returns. As you grow older, most experts advise a more conservative mix of investments.
Take Advantage of Automatic Contribution Increases
With an automatic escalation option, you can easily increase your contributions each year without giving it a second thought.
Utilize Your HSA for Tax-Free Growth
If you have a high-deductible healthcare plan through your employer, your Health Savings Account (HSA) is a commonly missed opportunity to fund future expenses.
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