5 Ways to Build Retirement Savings During Uncertain Times
Over the last two years, American workers have endured the one-two punch of a pandemic-induced recession followed by a rapid increase in inflation.
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 tips from experts to supercharge your retirement savings plan.
This is free money to you, so make sure that you are at least contributing enough to receive the match.
Make Sure You Are Getting the Full Employer Match
As you grow older, most experts advise a more conservative mix of investments to ensure steady passive income in retirement.
Optimize Your Asset Allocation
If you time it to coincide with your annual pay raise, you can add, for example, an additional 1% to your retirement savings each year without feeling the pinch of a lower paycheck.
Take Advantage of Automatic Contribution Increases
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.
Utilize Your HSA for Tax-Free Growth
Even if your employer doesn’t offer a retirement plan, there are still options to invest in other tax-advantaged accounts, such as Individual Retirement Accounts (IRAs).
No Employer Plan? Use an IRA Instead
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