How to Save More for Retirement

Do you often wonder if you’re putting enough money towards retirement? If so, you’re not alone.


According to a 2015 analysis from the Economic Policy Institute, the average American family is far behind its retirement savings goals. In fact, the analysis shows almost half of families have no retirement account savings, while the median working-age couple has only set aside $5,000.


Speaking to a retirement professional can help you better understand your retirement savings action plan. Meanwhile, the following tips can help you get started.

Consider these retirement plans

If you have access to an employer-sponsored retirement savings plan and a company match, setting up automatic contributions is a smart way to get started. Beyond that option is an array of retirement plans to consider. Those include:

  • IRA CDs: Guaranteed interest rate and FDIC insurance
  • IRA Savings Account: Regular contributions of an amount of your choosing
  • Roth IRA: Individual retirement account funded with post-tax dollars
  • Traditional IRA: Tax-advantaged individual retirement account
  • Roth Conversion IRA: Convert your Traditional IRA or other retirement savings account into a Roth IRA

While each of these accounts has unique requirements and attributes, they can all be opened in addition to your work-sponsored account, provided you qualify. Speak to a retirement professional if these retirement options interest you.

Change gears when you’re not saving enough

If you find that you’re not saving enough, look at it this way: Now that you know where you stand financially, you can take actionable steps to save more.


One method is to boost your contribution rate incrementally over time. If you’re contributing 5% to your retirement savings account, you could aim to raise that amount to 10% in a year and increase your contributions by one percentage point every few months. Raising your savings rate in increments allows you to acclimate your finances slowly and minimize the effect of reduced income.


An annual raise is another opportunity to increase your savings rate. Rather than pocket the full bump in income, direct at least a portion of it to retirement accounts. Chances are you’ll never miss it.

Save early and be smart with debt

The benefits of saving early cannot be underestimated, nor can the advantages of paying off debt. Having fewer bills usually leaves more room to save.


Many families don’t realize they’re not saving enough until it’s too late. See where you stand now so that you can recalibrate your retirement strategy to boost your savings.

More information

To learn more about how to save for retirement, Ask a Citizen at your nearest Citizens Bank Branch.


Disclaimer: Views expressed may not necessarily reflect those of Citizens Bank. The information contained herein is for informational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.