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No matter what stage you’re in when planning for retirement, reviewing your retirement savings plan can help you save more effectively.
If it’s been a while since you’ve re-evaluated your savings plan, you might be surprised to find there are areas in your everyday spending budget where you can cut back to put more toward retirement. Consider these tips to build on your retirement budget.
If you already have automatic transfers in place, review them to ensure you’re saving enough to realize your dream retirement. To determine if your retirement contributions will be able to support you, consider using a retirement savings calculator. If it looks like you may have a shortfall, consider working with a financial planner to adjust your plan.
If you’ve recently paid off an expense like a car loan, student loan, or a mortgage, you may consider opening an Individual Retirement Account (IRA) or another retirement planning account and deposit the extra money you have each month (which previously went to those obligations) into the account.
When you use coupons, receive rebates, or get a discount, jot down the amount of money you saved. On a regular basis, add up the total amount of your coupon savings and deposit it into your retirement account. While it may not seem like much, these small savings can add up over time and boost your retirement contributions.
When you receive a tax refund, unexpected bonus, or other financial windfall, consider setting aside this extra money and adding it to your retirement savings. If you receive a raise at work, increasing your 401(k) contributions and depositing extra cash into an IRA can also help boost your retirement savings.
Many credit cards offer cash back on purchases. If you have a cash back credit card, you can apply your earnings toward your credit card bill to save money. Or you could choose to receive the cash back via direct deposit and place the amount into a retirement account.
Everyone has their own expectations and goals for their retirement. To learn how to get the most out of your retirement, schedule a Citizens Retirement Checkup at your nearest Citizens Bank branch.