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I quit my job with no savings8/17/2023 ![]() ![]() ![]() This effectively provides you with additional money toward retirement." Make catch-up contributions "If your employer offers a retirement savings match, contribute enough to maximize the match. "Take advantage of employer matches," DiManno says. If you're young, then maximize your use of IRAs, 401Ks, and employer-sponsored retirement plans, especially if they offer employer-matched contributions. If you don't have enough stowed away for retirement, there are many ways to increase those funds - both early on in your career and as you inch closer to retirement age. "When budgeting, it can be useful to break out your spending into needs and wants." How to save more for retirement "You may find out that there is a disconnect between your desired lifestyle and your ability to fund it," Rosenstrock says. That's the funding gap you'll need to make up. ![]() "Be realistic and account for inflation."įrom that number, subtract the benefits you already know are coming to you in retirement - things like Social Security benefits, pensions, investment returns, rental income and other assets. "Consider your expected living costs during retirement, including housing, healthcare, food, transportation, leisure activities, and any other expenses you anticipate," says Derek DiManno, a financial advisor at Flagship Asset Services. ![]()
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